The city of Visakhapsatnam is on the verge of becoming a virtual cash cow for people who are keen to buy property.
According to a survey conducted by Nifty Residential Services Pvt.
Ltd, a company that is offering leasing services to property owners, the number of property buyers is increasing steadily as demand for flats increases.
According the report, the city is witnessing a dramatic change in the way property owners are buying properties.
The survey, conducted between July 25 and Aug. 4, revealed that property owners from across the city are purchasing properties at a faster rate than in the past.
The survey, however, showed that the percentage of buyers who are opting to buy a house in the city has declined.
According a report in The Times of India, the percentage is dropping to a low of 12.7 per cent from 20.4 per cent in the same period last year.
Meanwhile, the survey also revealed that the number who are considering buying flats in the area has also dropped.
According this survey, the average purchase price of flats in Visakapatna is around Rs 8 lakh.
While the average price of a house sold in Visagapatni is Rs 16 lakh.
The property buyers surveyed said that the property market in the Visakhapti city has changed in recent months and that it is not a good time for prospective buyers.