In the wake of a recent slowdown, real estate in Visakhapatnam is poised for a resurgence, with industry insiders anticipating a promising uptick in the near future.

Throughout the 2023-24 financial year, the real estate sector in Visakhapatnam faced a period of deceleration.

The stamps and registrations department fell short of its targets, achieving only 69% of its intended goals. Despite this, optimism pervades the industry, with realtors foreseeing a rejuvenation on the horizon.

K Srinivasa Rao, a prominent builder, identified several factors contributing to the recent sluggishness. Collaborations among builders and alleged price hikes, coupled with escalating costs of construction materials and labor wages, have contributed to the challenges faced by the sector.

Rao highlighted the necessity for price adjustments to mitigate losses, reflecting a prevailing market trend where second-sale flats command prices ranging from 80% to 90% of new units.

Square foot prices have surged in key areas of the city, reaching Rs 8000 to Rs 9000, with even smaller builders pricing their developments at Rs 6000 per square foot.

N Satyanarayana, a representative in the real estate realm, predicts a resurgence by August, buoyed by post-election stability and anticipated governmental initiatives toward development.

Despite ongoing financial constraints hindering completion of projects on the city outskirts, such as Madhurawada and Pendurthi, optimism prevails among developers and financial institutions.

The landscape includes major ventures by well-known names like MVV, Skyline Vaisakhi, and MK Gold, with over 4000 flats currently under construction. However, with approximately 1500 new flats vacant amidst a population of 27 lakhs, challenges persist in aligning supply with demand.

Visakhapatnam's real estate market, catering largely to salaried middle-income groups seeking primary residences, remains resilient despite prevailing headwinds.

As stakeholders navigate the present challenges, the prevailing sentiment remains one of cautious optimism, with prospects for growth in the months ahead.

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