Bhogapuram Airport To Boost Property - Commercial Development in North Andhra
The Bhogapuram international airport would have a significant influence on North Andhra's real estate sector. It will greatly improve travel logistics and accommodation services, provide access to global markets, and boost industrial growth in these regions. Improved air connection will facilitate company operations and travel options. The 40-kilometer route from Visakhapatnam to Bhogapuram airport is lined with developments that will eventually include villas, flats, and commercial areas. Following the signing of the MOU between the ap administration and the GMR company, prices have risen dramatically.
"Before the MoU, the fee was Rs 50 lakh per acre. "It is now being quoted at Rs 2 crore per acre," said B srinivas, CREDAI city president. "The seven-star Oberoi group hotel is about two km from the airport. The Taj company is planning a project nearby. There would be a frenzy of international-standard development operations in the immediate neighborhood. srinivas stated that the airport's existence may result in round-the-clock economic activity for the first time.
He stated, "Combined with Bhogapuram, Visakhapatnam might emerge as one of the biggest cities in India." According to another realtor, after the third phase is completed, the airport will have a capacity of 18 million people annually. S Sitaram, a Vizag-based real estate agent, stated that "Vizag would flourish on its own. It does not require any outside assistance. vizag is the first option for Andhraites to build a home because it already has all of the amenities for a good lifestyle."
The airport's presence is also expected to boost commercial development in Vizianagaram, a well-known hub for textiles and vital commodities. As a result, social and municipal infrastructure development will accelerate, making the region more appealing to both enterprises and inhabitants.