VESAG: The country’s second most expensive city, the capital of Visakhapatanam is now the latest property in town to be snapped up by developers.
Real estate developer Vedanta Development is eyeing a four-storey apartment building for about Rs 7 crore (US$9.9 million) at 5-12 Gopalakshmi Road.
Vedanta has already snapped up two apartments at 5 Gopalakhshi Road in the last three months, and plans to develop two more properties.
The developer, whose portfolio includes three residential properties in Visakhapsaravatnam and one apartment at 4 Gopalaksaravati Road, said the apartments are located on the second floor of a four storey building.
It will include a rooftop garden.
“We have a plan to build a rooftop Garden on the third floor of the building,” Vedanta’s principal secretary K K Srivastava told PTI.
Vishwanath, who is also a developer, has snapped up an apartment building at 5 Besarikulam Road, and is planning to build an apartment at 3 Gopalikulavathi Road in Vizakhapatsaravatanam.
“The project is currently in the design phase.
We are targeting an office block on the first floor of this building,” Vishwanath’s director RK Srivad said.
The company has already acquired the properties from Vichara Group for about US$8 million (US $9.6 million) for its other projects in Visakapatna, he said.
“Vishwans group has acquired four properties in the past three months in Visachapatnam, in which it acquired land for the construction of three new residential projects,” said Vishwanathan, who also owns a number of office and residential projects in the city.
Vesakhapattinam has a population of about 18 lakh, making it one of the fastest growing urban areas in the country.