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Articles: Life in AP
Volkswagen woes for Vizag
- Mr. Sree Charan Abburi
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Many had invested heavily on prime property assuming that the car major would vroom in Demand for land nosedives following recent developments ---------------------------------------------------------------- Bleak chances on separate Telangana affect land prices Doubts over Volkwagen unit hit investment in suburbs Land transactions at standstill, prices in city intact ---------------------------------------------------------------- Developments on the Telangana and Volkswagen front have had a direct fallout on real estate prices in and around Visakhapatnam. Though most realtors are reluctant to admit this, prices of land, particularly in the suburbs, have fallen after reports of the bleak chances for Statehood for Telangana and establishment of the Volkswagen car unit in the city. The situation came to such a pass that lands with a value of Rs.4 lakh per acre were bought for Rs.15 lakhs to Rs.20 lakhs per acre with the hope of promoting housing layouts. The per square feet cost of apartments in the city also has come down slightly over the last few days. ``Yes, the recent developments have affected real estate prices in the suburbs. But the boom in prices in the cityhas remained intact,'' Visakhapatnam Apartment Builders' Association president Ram Jogi said. The boom in real estate prices came to a halt following reports about the doubtful location of the car unit at Aganampudi and the inadequate facilities at the airport, which reportedly influenced the German auto major to develop cold feet. Currently, there are not many land transactions. Some members of the middle class, who sold their agricultural lands and to buy land in the suburbs, are now regretting. Due to speculation, several realtors and NRIs took part in VUDA auctions conducted for Rushikonda and Kappulauppada and bid up to Rs.8,900 per square yard expectng Statehood for Telangana. ---------------------------------------------------------------- This article was published in The Hindu.

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