Great response to the real estate fair in Vizag

Visakhapatnam: The three-day real estate fair organized by the Vizag chapter of CREDAI which ended on Sunday was well received by the population.

Lok Sabha member of Visakhapatnam MVV Satyanarayana, who was the main guest, said people were sure the city would become the executive capital of Andhra Pradesh and therefore many foreigners were showing an interest in owning property here. .

The MP, himself a builder, said demand was more in Madhurawada, to the north of the city, and Kurmannapalem, to the south, where affordable apartments were being built. The average cost of apartments in these two areas is less than Rs 5,000 per square foot.

CREDAI chapter Vizag chairman Srinivasa Rao said many had come to get details of properties ranging from Rs 40 lakh to Rs 1.5 crore. Many have offered to buy a second property as an investment, assuming it is a safe investment.

The new trends were evident in the exhibition. Some builders were planning to raise 200 square foot studios on the waterfront and some builders have expressed interest in acquiring old apartments to rebuild new homes within the city limits, where space for residences s ‘is reduced over the years.

Speaking of prices, which are currently high for the middle class, Srinivas said Credai urged the government to grant industry status to the construction sector, which would lower interest rates. Second, a flat rate of 12 per GST on all building materials, the reintroduction of the input tax credit, the inclusion of stamp duty as part of the GST and certain measures would help builders reduce the cost of construction. construction, he said.

“If all of our demands are met by the government, we can deliver a 1,000 square foot double bedroom apartment for just Rs 25 lakh,” Srinivas said.

The State Bank of India, which has done booming business among public and private sector banks, processed claims worth Rs 75 crore over the three days.

“We are also funding a mega housing project in Yendada worth over Rs 100 crore,” Deputy Managing Director Manmaya Pandab said. Peace, law and order made people invest in Vizag.

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