New Visakhapatnam turns into Ghost Town
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New Visakhapatnam turns into Ghost Town :-
China’s Ordos is termed because the world’s largest ‘Modern & Trendy Ghost City’ with so many buildings and homes, however no person to stay in them. Comparable is the state of affairs in Vizag’s neighborhood. A ‘trendy ghost city or town’ is one the place even 2% of the brand new buildings are usually not occupied because of varied causes, usually of financial nature.
There are not any occupants, or in some instances, no takers for nearly 5,000 brand new model flats in an area between Sagarnagar and Chandrampalem, which is touted as New Visakhapatnam, turning it right into a ghost town. With the hype surrounding state bifurcation since 2009, and progress projections of Vizag as one of many largest cities within the Andhra Pradesh state, builders worked extra time since 2010 to construct many flats in and around Madhurawada, where there is an IT SEZ.
Nonetheless, in actuality, solely 30% of those flats have been bought. The remaining began decaying during the last three years. Even within the offered flats, there are hardly any occupants. “A lot of the initiatives announced or deliberate in Vizag are nonetheless on paper. Although the actual property market has brightened, it lacks actual momentum. In fact, it’s higher than what it was earlier than 2009. Nonetheless, it’s but to select up on the anticipated lines.
A lot of the flats are usually not occupied or are unsold in and round Madhurawada. The rental worth can also be very much less. Those that purchased flats on this specific area had completed so just for investment goal and amongst them, most are NRIs,” said P. Koteswara Rao, vice-president, of Confederation of Real Estate Developers Association of India, Vizag chapter.
The realtors are desperately wanting on the authorities to advertise Vizag as subsequent IT destination and bring in IT and ITeS companies to New Vizag which is close to Madhurawada.
This Article was First Appeared in Deccan Chronicle.