7 months ago
Land Prices Surge 30% After Bhogapuram Airport Test Flight
A test flight at the new Bhogapuram International Airport in India has made land prices go up by 20% to 30% in nearby areas.
People who sell and buy land are very interested now.
They want land that is close to the airport and has good roads.
Experts think this will keep happening because the airport is being built, and more people will want to buy land there.
The land prices are expected to grow a lot until 2028.
People who buy land early might make more money.
Land prices in the Visakhapatnam-Vizianagaram growth corridor have increased by 20% to 30% after a test flight at Bhogapuram International Airport.
Key areas experiencing increased demand include Bhogapuram, Nellimarla, Kothavalasa, Tagarapuvalasa, Anandapuram, and parts of the Bheemili belt.
Buyers are primarily interested in land along approach roads, existing highways, and proposed infrastructure corridors.
Market sentiment has strengthened, leading to faster transaction closures and increased inquiries for land parcels.
The real estate market in Bhogapuram is projected to grow at a compound annual growth rate (CAGR) of 18% to 22% till 2028.
- Who
- Real estate dealers, developers, investors, property consultants, market intermediaries
- What
- Sharp increase in land prices (20-30%) due to Bhogapuram International Airport test flight
- Where
- Visakhapatnam-Vizianagaram growth corridor, Bhogapuram, Nellimarla, Kothavalasa, Tagarapuvalasa, Anandapuram, Bheemili belt
- When
- After the validation flight at the upcoming airport
- Why
- Flight validation strengthened market sentiment, renewed investor interest, and increased demand for land parcels with direct connectivity to Bhogapuram
Key facts
- Location
- Visakhapatnam-Vizianagaram growth corridor, Bhogapuram, Nellimarla, Kothavalasa, Tagarapuvalasa, Anandapuram, Bheemili belt
- Price Increase
- 20% to 30%
- Key Areas
- Bhogapuram, Nellimarla, Kothavalasa, Tagarapuvalasa, Anandapuram, Bheemili belt
- Demand Drivers
- Direct connectivity to Bhogapuram, approach roads, existing highways, proposed infrastructure corridors
- Market Sentiment
- Strengthened by flight validation, renewed investor interest, faster transaction closures
- Projected Growth
- 18% to 22% CAGR till 2028
- Investor Types
- Long-term investors, developers of layouts, housing and commercial complexes
- Buyer Preferences
- Properties with clear titles in approved layouts
Quotes
E. Ashok Kumar
President of the CREDAI Visakhapatnam chapter
“Earlier, investors had been cautious. After the validation flight, inquiries have increased substantially and deals are closing faster.”
deccanchronicle.com
Sources
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