Andhra Pradesh: CREDAI sees a bright future for the construction industry in small towns
The Confederation of Real Estate Developers Associations of India (CREDAI) predicts huge construction activity in Vizinaagaram and Srikakulam districts with the availability of properties at affordable prices compared to that of Visakhapatnam.
CREDAI State Secretary General K. Subhash Chandra Bose, who is also the Managing Director of Pride Constructions, said the association suggests its members focus on Tier 3 and Tier 4 cities for the same reason.
“People who cannot buy properties in Visakhapatnam due to the high cost can do the same in the towns of Vizianagaram and Kothavalasa which are close to the port city. A 3 BHK apartment costs between ₹75 lakh and ₹1 crore in prime areas of Visakhapatnam. However, the same is available in the range of ₹50 lakh and ₹60 lakh in the industrial towns of Vizianagaram and Kothavalasa,” Mr. Bose explained.
He further stated that Tier III and Tier IV cities also have less traffic and pollution compared to larger cities and these factors would drive buyers to look for properties in towns near major cities.
New India Summit
“Challenges and opportunities related to construction activity in developing cities will be discussed at the New India Summit, to be held in Visakhapatnam on April 29-30. We call on the government to improve civic infrastructure such as roads, water ensured installation, electricity among others,” Mr. Bose said.
Government support will boost both construction and economic activity in towns such as Vizianagarm and Kothavalasa.
CREDAI Srikakulam District Chairman Gurugubilli Raju said the proposed airport at Bhogapuram and the Ranasthalam nuclear power plant on the Visakhapatnam-Srikakulam national highway would be additional benefits for the construction industry in Srikakulam district.
“Many multinationals and pharmaceutical companies in Pydibhimavaram Industrial Zone are encouraging their staff to stay in Srikakulam instead of Visakhapatnam due to proximity. With the construction of sky bridges on the national highway, it is easy to reach Srikakulam within 40 minutes from Pydibhimavaram,” Mr. Raju said.
“We will be making a presentation at the New India Summit explaining the opportunities in Srikakulam. The adoption of new technologies and cost-effective measures to reduce the overall cost of construction will also be discussed,” he added.