The real estate market in the country’s largest city, Vizag, is going through a huge expansion.
While most developers are happy to let the market rip, the country has seen a sudden uptick in prices.
The average house price is now $1.3 million, according to a report by Apartment List, an online rental brokerage.
That’s a $2,000 jump over last year.
The price of a one-bedroom flat in the city, a median-priced property, jumped almost $700 in the past month.
But that’s not all.
In the past year, the price of one-bedrooms in the suburbs has doubled, according the report.
A two-bedroom apartment in the CBD jumped from $8,500 to $10,000, and a three-bedroom unit in the Outer Ring area went from $11,500 up to $15,000.
The prices in Vizag have skyrocketed by as much as 60 per cent in just two years.
The metro area’s growth has come in tandem with the real estate boom, says Apartment Guide.
A lot of the new houses are being built at the edge of the city.
And as the population continues to swell, developers are hoping that the city will continue to grow.