Real estate for sale and rentals in Vizagu district in Tamil Nadu have been sold in the past two months and many properties are now available for sale for as little as Rs 5 crore, according to the real estate agency, Apartment Housing.
Apart from that, the area around the lake in Visakapatna has been offered for sale as well.
According to Apartment Houses, the district has a total population of around 18,000, which means there are around 3,000 apartments in the city.
The city has about 200 properties in the commercial and residential sectors.
“In Visakhipatnam too, there are about 1,000 residential and commercial properties and the district office is managing the allotment of land for this purpose,” Apartment House said in a statement.
The district office was also working with the city to provide adequate parking space for the city’s residents and the government, it added.
While the district government is working to increase the number of affordable homes in the district, the residential sector is facing a shortage of homes, according the agency.
“There is no space available for residential housing, hence the number and type of houses have been drastically reduced,” the agency said.
“The government has also announced a pilot scheme for residential building development in the area.
Apartment houses and flats for sale can be made available on the internet.”
While the government has announced a one-year pilot scheme, the agencies are working to develop the entire area, including the lakeside area.