VISAKHAPATNAM: At a time when the proposed Greenfield International Airport at Bhogapuram was witnessing opposition from small and marginal farmers, purchasers of plots in the neighbourhood are confused about the fate of their investments.
While some of the purchasers are worried if the state government would undertake any land acquisition, others are concerned whether there would be any restrictions on construction if their plots happen to be in the vicinity of the airport.
According to realty sources, more than 30 residential plots are located in and around Bhogapuram with the price of plots ranging between Rs 3,800 to Rs 7,000 per square yard depending on the proximity of the land to the National Highway-16.
“There is a lot of confusion among people about the areas, which will be taken over by the state government for development of the airport. While those who have already purchased the land are checking if their layouts fall under the limits of the proposed airport, others who were interested in purchasing land here are waiting for things to settle down so that their investments are safe,” said realtor Venu Mohan.
A resident of Pedawaltair, M Kishore Kumar, said, “I was actually thinking of purchasing land near Bhogapuram, but finally due to high price I had to settle for a spot near Anandapuram.” However, Kumar is a relieved man as he doesn’t have to worry about the acquisition issue. “But one of my friends had purchased land near Bhogapuram and is now running around checking if his land falls under the airport plan or not.”
Noting that investments closer to the highway are likely to be more beneficial for purchasers, marketing manager of real estate firm, K Prabhakar said, “The land closer to the highway near Bhogapuram is going at around Rs 6,000 to Rs 6,500 per square yard. The land price has almost doubled within the last one year close to the highway and people are still buying despite such high prices.”
However, he said, “The plots available between 3 and 5 km from the highway are noticing a slight drop in conversions because of the airport acquisition issues.”
Another real estate developer Rama Rao (name changed), said, “Usually purchasing land too close to the airport is not good as has been noticed in Bengaluru and Shamshabad. The land should be around 10 km away from the airport in order to get a good value for the plots. But, if the airport plan succeeds in the next 5-7 years, then the area will witness a good growth.”