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Visakhapatnam: Development buzz drives rental boom – Real Estate News

Despite the fact that the pandemic worry has been going on for nearly two years, apartment rentals in the port city have risen by about 20%.

Flats in Yendada, Sagarnagar, Madhurawada, and PM Palem are presently in great demand, according to brokers in the city, as the buzz is that development will be concentrated between Yendada and Madhurawada, all the way to Anandapuram and Bheemili.

People are opting to rent or buy properties in Yendada, Sagar Nagar, Madhurawada, Kommadi, Bakkannapalem, PM Palem, IT Park area, Visalakshinagar, and other locations on the outskirts.

According to a broker, KR Naidu, people used to prefer beachfront apartments or those near the Beach Road with a sea view, but today 50 percent of customers want flats in Yendada, Sagarnagar, near IT park, Midhilapuri Vuda Colony, PM Palem, Kommadi, and other outskirts.

A double bedroom gated community flat in Yendada costs between Rs 15,000 and Rs 25,000 per month, depending on the facilities and distance from the main road. Rent for a two-bedroom furnished flat in Yendada, Sagarnagar, and Midhilapuri Vuda Colony was between Rs 8,000 and Rs 10,000 six years ago.

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