Visakhapatnam real estate
Decoding growth opportunities
The economic growth drivers of Visakhapatnam’s real estate development are asset classes including retail, logistics, industrial corridor, data centres and tourism & heritage. On one hand, there is an untapped residential market with ready demand while on the other hand the city’s senior living market is yet to be explored to its potential. The city is also undergoing several noticeable transformations including faster adoption of technology and focus on sustainability are also underway.
The upcoming infrastructure initiatives like Bhogapuram International Airport, ~1,166 acres of JSW MSME Park in Vizianagram and ~130 acre of Data Center by Adani Enterprises in Madhurawada are aimed to induce ~6 Lakh, ~45,000 and ~50,000 direct & indirect employment, respectively will be the key to the city’s success. Some of the highlighted upcoming tourism projects with signed MoUs in Global Investment Summit 2023, (GIS 2023) are Luxury Villas by Oberoi Group at Bheemili, Luxury Resorts by Taj Group, 18-hole golf-course by River Bay Group, FIA Grade-3 racing track by Hayak Racing Pvt Ltd near Bhogapuram, are expected to spur as the economic driver for the city. Due to its industrial base, IT /ITeS sector and cosmopolitan culture is the most prominent residential market in North Andhra-Pradesh along with limited Grade-A Office Market with leading clientele such as Wipro, Tech Mahindra Miracle and WNS.
- Upcoming Bhogapuram International Airport is likely to be big game changer for the city boosting its economic activities like MRO, Logistics, Industrial, Tourism, Hospitality and Real Estate
- Visakhapatnam likely to see growth in organised retail segment, with all the prominent retail brands looking to tap the Tier II / III cities markets
- The upcoming Integrated Data Center and Business Park by Adani Group at Madhurawada and Kapulappada is likely to attract other players into the market; boosting demand for real estate in the long term
- Focus Sectors like Renewable Energy, Textile & Apparel, Industrial and Logistics, Pharmaceuticals, Tourism and Agri and Food Processing will enable more investments and employment for the region.