Demonetisation continues to affect realty near Bhogapuram

Visakhapatnam: The Bhogapuram International Airport project may have recently received recommendation for environmental clearance, but the realty projects close to the greenfield airport have hit a rough patch thanks to the lingering effects of demonetisation.
Realty sources revealed that the residential plot rates which are more in demand in areas close to Bhogapuram including Anandapuram and Tagarapuvalasa have remained stagnant for almost one year now and to make matters worse, subsequent to demonetisation, the registrations dropped by nearly 30-40%.
While the residential plot prices in Anandapuram were hovering around Rs 9,000 per square yard about two years ago, the price touched upwards of Rs 12,000 per square yard last year. Ever since, the prices have remained the same, realty sources said.
Similarly, the rates near Bhogapuram were around Rs 4,000 per square yard about two years ago, but have remained at Rs 6,000 per square yard in the one year.
“Many developers purchased lands or entered into joint agreements with land owners in the stretch between Gambheeram and Anandapuram. Most of these were converted into layouts and plots in different dimensions are being offered for consumers,” recalled a realty agent. He said, “There was huge demand after the airport project and institutions like IIM were announced about two years ago. But, the demonetisation shock has crippled sales to a large extent.”
Another layout developer who had sold plots in the area said, “For most people, the land purchase was an investment. People not only from Vizag, but also from Vizianagaram, Srikakulam, East Godavari and even Hyderabad were purchasing as an investment.