Luxury housing seems to have caught the fancy of many home buyers in Andhra Pradesh with developers going all out to woo HNIs with opulent designs, lavish floor space, grandiose interiors, amenities etc.
Features such as landscaped gardens, infinity pools, advanced security systems, rich club houses, fitness centers, tech-enabled homes have become the norm for these developers attracting wealthy buyers.
And with economic drivers like the upcoming airport at Bhogapuram developers are hoping that luxury housing will get a further boost.
“New infra projects are expected to drive demand for premium and luxury residential developments between Bhogapuram and the city,” stated Mr Surya Kiran Balla, Senior Director of Strategic Consulting and Value & Risk Advisory, JLL speaking to Vizag Industrial Scan. Concurred Mr YV Ramana Rao, President of CREDAI, Andhra Pradesh and said, “We are expecting an increase in the demand for luxury apartments and villas as the government has announced new projects in Visakhapatnam.”
He also added that once the infrastructure is developed in Amaravati, a good demand is expected on the capital side too.
Visakhapatnam has been at the forefront with regard to the number of luxury housing projects that are on offer.
One among them is Villaasam, a luxurious 62- villa project coming up in the suburbs of Vizag, offering villas having 4,600 – 6,500 Sft of built-up area on 300-600 sq yards plots.
“Each villa is thoughtfully constructed with high-end materials coupled with exceptional quality of workmanship.
The project comes with a range of premium amenities,” said Villaasam’s Mr Raveendranath Reddy.
With such lush spaces and state of the art amenities, these villas don’t come cheap as these cost anywhere between Rs 4-6 crores.
Another luxury project coming up in the city is that of Varsha Marina being built by noted businessman Mr Prabhu Kishore of the Varun group with all 68 sea facing apartments across 15 floors.
“The demand for luxury homes and villas is gradually picking up in Visakhapatnam as more buyers seek homes that offer not just space, but a comprehensive lifestyle experience,” said Mr Ashwin Abhilash, Managing Director of Abhilash Synergetic Constructions and Exports Pvt Ltd.
Similarly Mr V Venkat, Partner at Monark, opined that the costs of luxury apartments or villas boil down to the ticket size.
“We have sold 50% of our flats in our upcoming project which is a 9-floor building with 81 flats” claimed Mr Venkat.
In fact what is interesting is that Tier 3 cities like Ongole and Nellore are also seeing an uptrend in projects upward Rs 2 crores.
Luxury housing projects in cities like Ongole and Nellore benefit from government plans for modern urban development, making them a lucrative option for buyers looking for long-term investment.
“We are coming up with 133 units of villas spread over 25 acres on a 50-acre land bank and the approximate range is from Rs 2-3 crore for 2-4 BHK,” stated Mr Sainath Kandi of Ravisankar Group, Ongole.
Elaborating further he said that there is an artificial water body where residents can use pedal boats and they have also launched a helipad for futuristic air transport and medical emergencies.
Another developer Mr Gopal Krishna of MGB Infinity pointed out that they had constructed 43 villas in Kakupalli, Nellore of which all have been sold.
‘These were priced at an average of Rs 1.5-1.75 crores and 40% of the buyers were NRI’s from Saudi Arabia and USA’ said Mr Krishna.
With the slew of upcoming projects one can sense that this space is gradually picking up and only time shall tell when these types of projects proliferate in the state.
