Real estate prices surge in Vizag as govt looks to set up executive capital

vizag real estate

Real estate has started to boom in Vizag as the port city is most likely to be named as Andhra Pradesh’s new executive capital. While the decision has not been announced formally, both the committees constituted to advise the government as to which city to choose for the state capital have suggested Visakhapatnam as an ideal choice. Top executives working in the government have reportedly started to look for accommodation in the city. The city’s outskirts as a hot favourite after Rajya Sabha MP Vijaysai Reddy had stated that the capital may be built here.

Queries are being made for rental accommodations as well with real estate prices in Vizag seeing a considerable rise. Madhurawada, Sagar Nagar, Mithilapuri Vuda Colony and Rushikonda are the other prime areas that are expected to fetch the spotlight.

Though the state government has not officially stated that Visakhapatnam would be made the executive capital, all the development works hint the same. Earlier this week, Chief Minister YS Jagan Mohan Reddy met with the top municipality officials and directed them to fasten the works in Vizag ahead of the municipal elections. Directions were given to prepare a Detailed Project Report to construct a tram facility from Beach Road to Bheemili. The CM even proposed procuring drinking water from the Polavaram Project to the city, ensuring a 24×7 supply.

Secretary to the Chief Minister Mr. Praveen Prakash reportedly visited the city to inspect various locations that would be suitable to set up a Secretariat and the CM’s office. Sunrise Towers and adjacent Millenium Tower have reportedly been finalised to set up both the top offices in the city. The Metro Rail project too, is set to be flagged off with the government having issued notices for new tenders in line with the new requirements.

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