Another IT hub emerges in Andhra
Madhurawada, located along the north-east of Vizag or Visakhapatnam, along National Highway-5, is an upcoming residential area, thanks to the major developments driven by the Information Technology (IT) sector. It is located on the Visakhapatnam-Vizianagaram stretch of N-5, around 16 km from Visakhapatnam city.
IT companies have been allocated land in this area to develop and start their operations. There is a biotech SEZ and industrial developments like the steel and power plants in the south. The growth corridor is northwards, along NH-5 towards Vijayanagaram.
The area is witnessing many apartments projects along NH-5 and Beach Road, with the foray of IT/Ites industries in the city. Realising the high demand in this sector, the Visakhapatnam Urban Development Authority (VUDA) is developing multiple residential projects through public-private participation mode with reputed local developers.
Residential property rates are around Rs 4,500-5,000 per sq ft. Rates in the less central areas range from Rs 2,000-2,500 sq ft. Bungalows can be picked up from anywhere between Rs 45 lakh (Rs 4.5 million) to Rs 90 lakh (Rs 9 million). Plots for residential development are priced between Rs 500,000 to Rs 1 crore (Rs 10 million).
Madhurawada is developing as a major destination for sports, education and business establishments. An International Cricket Stadium, the ACA-VDCA Stadium, is located in Madhurawada making the place a major sports destination. A fantasy park called 'Jatara' and constructed by the Andhra Pradesh government is a famous tourist attraction. The Durgalamma Ammavaru temple is another added attraction.
The city has an industrial economic base with large-scale industries like Vizag Steel Plant, Hindustan Petroleum Corporation Ltd, National Thermal Power Corporation, Bharat Heavy Plates and Vessels, among others. Moreover, the eastern command of the navy is located in the city.
The presence of these major industries and naval Defence base caused immigrants from all parts of the country to head towards Vizag, giving it a cosmopolitan feature.
Vizag is emerging as the next IT/Ites hub in Andhra Pradesh after Hyderabad because of the availability of required skilled labour, infrastructure and comparatively cost-effective real estate in the city. The government has been very proactive in attracting IT/Ites companies into Vizag.
The city's other prime residential areas are Siripuram, Dwarka Nagar, Rani Bagh and Beach Road. The city is witnessing many apartments projects being developed in these areas.
Relatively affordable property rates, decent appreciation potential, pleasant weather and the fact that it is a coastal region with many sea-facing property options available, make it an attractive investment destination.
The writer is MD, Hyderabad, Jones Lang LaSalle India
Photographs: Nir Elias/Reuters