Sea facing villas in Vizag are bought like hot-cakes but are not occupied

sea facing rishikonda villas in vizagNearly 200 villas have already been constructed and an additional 200 are under construction in the Rushikonda area in Vizag close to the sea. Of this, around 200-odd villas were developed more than five years ago and the remaining are presently in various stages of construction.Though a majority of them are located amid breathtaking locales, not many buyers are willing to “settle down“ in them despite shelling out a fortune for these luxury villas. There are hardly any villas available in Rushikonda as most of them are sold out, with each such villa costing upwards of Rs 1.5 crore and even as steep at Rs 2.5 crore. However, sources revealed that only around 25-30% of the villas are occupied by the buyers on account of various reasons, including the lack of supporting infrastructure.

vizag rishokonda villasThe satellite areas of Vizag, including Rushikonda, are not connected properly with the main city area. If you take NH-16, then from Hanumanthawaka Junction onwards there are no streetlights until you reach the cricket stadium.

Higher rents are also dampening the occupancy. The owners are expecting nothing less than Rs 1 lakh as rental per month, but in the existing circumstances such a rent is not feasible with the major constraint being the lack of basic infrastructure such as streetlights, provision stores or shopping malls and connectivity issues.

Meanwhile, Shriram Properties is now constructing around 220 villas, of which about 80-100 are likely to be handed over to customers by March next year.“While other existing villa projects faced problems due to lack of proper infrastructure and basic amenities, we are setting up a provision store, gym and club house so that people can shift immediately without any constraints,“ said a representative of Shriram Properties. However, he noted that the connecting road to the property has yet to be developed.

Source: Times of India


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