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Visakhapatnam: Land prices in Sabbavaram on a steady rise

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ET Realty
06th October, 2019 10:57 IST
VISAKHAPATNAM: With the establishment of Damodaram Sanjivayya National Law University (DSNLU), Indian Maritime University (IMU), and the permanent campus of the Indian Institute of Petroleum Energy (IIPE) and with two other private universities to come up in the area, real estate prices in and around Sabbavaram has been on a steady rise. The real estate prices have more than doubled in the past few years.

Once a sleepy agrarian Sabbavaram has now transformed into an education hub. Land between Sabbavaram and Aripaka and between Sabbavaram and Anakapalle are selling at around Rs 6,000 to Rs 8,000 per square yard that were around Rs 2,000 per square yard a few years ago.

A local real-estate businessman A Satyanarayana told TOI that a few years ago the price of an acre of land in and around Sabbavaram was Rs 10 lakh and now it is close to over Rs 1 crore. Prices of land in Sabbavaram have risen abnormally after various national universities came up in the area, he added.

Read also Visakhapatnam civic body aims to collect Rs 350 crore property tax Visakhapatnam development body plans to create online inventory of approved layouts Visakhapatnam development body to focus on affordable housing Proposed Visakhapatnam metro to boost affordable housing in outskirts: Builders
While at present, there are not many apartment complexes in Sabbavaram, it will not be long before that too changes. Vizagites have been investing in land, said President of Confederation of Real Estate Developers’ Associations of India (CREDAI), Visakhapatnam chapter, B Srinivasa Rao.

Adding why the area is suited for residential complexes, another real-estate businessman pointed out that pollution levels are comparatively low and is located merely 30 km from the city.

However, although the area is home to several universities, infrastructure in and around the region must be developed, he added.
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