Vizag or Vishakhapatnam has always been a popular city for the tourists and the region has a serenity about it, as well as a high cultural significance. The real estate scenario in the city is now on the rise and those who want their homes in a calm ambience prefer to build their home here. The question is, that is it really a good time to invest in a property here and if so, how can one benefit from it?
One of the first questions is the availability of financing for home purchase and that can be easily worked out with almost all major banks and NBFCs like Bajaj Finserv operating in the region. One can easily opt for home loans in Vizag to fund their home purchase and there is no need to deplete ones entire resources looking for a property here.
The locality in Vizag would play a key role in determining whether it is worth investing is a property here. Buying a home to live in here can be a bit tricky because while some pockets are extremely well developed and have all the amenities, those regions are also quite crammed and congested and you would not get the feel of staying in a lovely beach town. The other locations are quite calm and serene and provide ample natural beauty but they might be a bit too far from all the daily amenities. Hence, it is a good idea to check the locality thoroughly before investing in a property here. One of the advantages of investing in an under developed region would be that the property can be bought in rock bottom prices but be sure to check out about the future prospects of the region. Or else, you might have trouble selling the property later.
One of the things that work in favor of Vizag is that it will always enjoy a degree of popularity and it is the largest city in Andhra Pradesh, India. The economy is the tenth largest in the city and this will only improve from here. Moreover, since it has been selected as one of the cities under the 100 Smart City projects, the interest of the investors have been piqued enough. This is a good time as any to invest here before the prices start to skyrocket. One can get good home loan interest rates to buy their property in this region. A number of new projects are coming up here like the new Metro project, the development of Kambalakonda Nature Park, Air Craft TU- 142 museum, sea plane tourism and the development of the Sky Tower at Kailasgiri Hills. Vizag also has the oldest ship yard of India and the only natural harbor and those who are interested in history and want to stay at a place of interest will find few other better options than Vizag. It is also known as one of the safest coastal areas and the return of investments here is going to be quite good.
One can use the home loan EMI calculator in India to ascertain what will be the overall price of the loan and how much EMI could a home buyer has to shell out to own a house here or elsewhere in India. NBFCs have special home buying loans that are suitable for all kinds of budget and can really ease the process. Vizag will always a have a charm of its own and no doubt, it is one of the best times to invest in a property here now to reap maximum benefits in future.