INCREASING DEMAND FOR SEA VIEW PROPERTIIES IN INDIAN CITIES
Sea View Properties in Vizag gaining much demand in the recent past and the current trend indicates that prices will double than the existing ones. Apart from Vizag, along the sea coast in India, mainly in Chennai, Goa and Mumbai cities, a substantial amount of real estate activity is going on sea view based properties.
In Vizag, particularly, nearly 30% of the investor segment is much interested in investing in sea view or beach front properties in Vizag. The interesting point is, many of the remaining 70% investors too, are interested in sea view, but they are seaview-averse due to hazards like Tsunami and HUDH-HUDH. In fact, in beach side cities, everybody likes to own a beach view property, due to two main things, ONE, is it easy to liquidate the amount invested fast, and SECOND, sea view properties are appreciating fast in any major beach city like chennai, goa and mumbai.
Coming to the point of hazards like Tsunamis and Hudhudhs, majority of world cities are on the beach side only. In some cities, multi-storied residential and commercial units are at just feets distance away from the waves. There also, the property prices keeping high for sea view ones. India is far better one in this regard. Along the sea coast in India, CRZ(Coastal Recreation Zone) Rules are fulfilled by many constructions. Small difference in India, once a Tsunami or HudhHudh comes, sea side properties get sold little bit slower and once the mindset comes to routine, prices can be observed rising.
It is observed, that these hazards can't stop sea view property buying. In cities like Mumbai, Chennai, Goa and Vizag, if a print or online advertisement comes up for sale of a sea view property, it is getting maximum response than normal properties. Sea View Infatuation is just not the reason for this. Many investors expressed that they feel more confident and positive in their life, when they are living in a sea view residence. It is in the nature, that gives it.
In Chennai, sea view properties have huge demand from Valmikipuram to Pondicherry, a 150km stretch with excellent sea view along the East Coast Road(ECR). Peak prices are running in Places like Uthandi Mamallapuram Pooncheri Jn Marakkanam etc on ECR Road. Throughout this 150kms till Pondicherry, any sea view based real estate project can be sold as hot cake.
In Goa, from Karwar in South Goa to Patrodev in North Goa, beach side properties have huge demand. Investors from UK Europe are mad about goan properties, if they have good sea view. Marketing is not a problem in Goa, if land can be procured taking care about and with full knowledge of ZONES in Goa. Many sea view villa projects are under construction in south goa near palolem mazorda benaulim cansaulim beaches and similarly near Porvorim Morzim Ashwem Anjuna Calangunte Baga beaches in North Goa.
In Mumbai, many investors are there, if sea view properties can be acquired with perfect legality. In Mumbai suburbs, land acquisition is the major task. If this step is done successfully, marketing is not an issue. Global investors are there for properties along the coast upto Goa state border. Particularly Ratnagiri district of Maharashtra is the potential place for doing sea view based property business. The soil in this place is fit for any kind of cultivation particularly commercial crops. Alibaug beach is another fine destiny for beach based property investment in South of Mumbai.
In all these cities including Vizag, inspite of CRZ zone construction restrictions, land is appreciating fast mainly due to the sea view factor. Till today, only 20% of the sea view based business is captured in these cities. There is a lot to happen in the near future. Many recreation and resort type units are coming along the coast line in all these cities, rising the demand for land. Still, it is the right time to own a piece of land property with sea view in any of these cities, which will surely fetch solid returns to the investors.
Vizag now, due to the status of International Smart City, is attracting global investors. Naturally, sea view properties will gain much now. In fact, the current prices for flats and open lands along beach road from Vizag to bheemili and after that, are affordable now. The trend indicates, in the coming 5 years, a huge variation can be observed, if the current buying keeps on increasing for sea view properties in Vizag. Due to its geographical position, scope for buying sea view property in Vizag, is limited to north zone only, which is another reason for increasing demand. If the Central Government's proposed first phase of 150 kms Coastal Corridor in AP from Ichchapuram to Kakinada(including existing 25 kms 4-lane highway between vizag and bheemili) is materialised, Vizag will be the only Indian City zone to have a long coast (with equal distance on south and north coast) with excellent coastal infrastructure, which will give more scope for sea view based property business.