Visakhapatnam: Vizag and Tirupati have been recognized as two of the 17 cities in India with high potential for real estate development, according to Colliers India’s latest report titled 'Equitable Growth and Emerging Real Estate Hotspots.'

Visakhapatnam ranks among the top cities poised for accelerated growth in various asset classes, including residential, warehousing, retail, and data centers. Tirupati is set to see significant growth in residential, retail, hospitality, and senior living sectors.

The report evaluated over 100 emerging cities based on social, economic, financial, and real estate-specific parameters to determine their attractiveness and growth potential over the next 5-6 years. Industry experts highlight that infrastructure development remains a key driver of real estate growth. 

Enhanced connectivity, along with increased manufacturing and industrial activity spurred by national infrastructure projects like the PM Gati Shakti initiative and the national infrastructure pipeline, is expected to extend growth beyond tier I cities.

Smaller towns are anticipated to benefit substantially, particularly in warehousing and residential real estate.

KSRK Raju, Chairman of the CREDAI Visakhapatnam chapter, shared a positive outlook for Visakhapatnam’s real estate sector. "The city has all the potential to emerge as a real estate hotspot among all the emerging cities in the country.

During our recent interactions with the newly elected representatives of Visakhapatnam, we explained how attracting a few more companies and augmenting infrastructure would boost the sector. We received a highly positive response from them," said Raju.

The announcement in 2019 of plans to make Vizag the executive capital initially led to a surge in real estate prices and business volumes. However, as capital plans were delayed, the market plateaued over the past two to three years. The real estate community now anticipates a revival, driven by projects like the Bhogapuram airport.

Real estate developers have requested better connectivity between different areas of the city, such as Bhogapuram and Atchuthapuram, from the government.

They expect that NRIs, who have stayed away due to political uncertainties, will once again invest in Visakhapatnam properties.

The city’s expansion in all directions, including Pendurthi-Sabbavaram-Kothavalasa, Atchuthapuram-Anakapalli, and Anandapuram-Tagarapuvalasa-Bhogapuram, presents a significant advantage for the sector, with each area offering a unique outlook.

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