Smart City to boost realty sector
Indian investors are looking at Smart City Mission announced by Prime Minister Narendra Modi as an opportunity to invest in real-estate. A report in The Hindu said house sites in and around the Andhra Pradesh port city of Kakinada are…

Indian investors are looking at Smart City Mission announced by Prime Minister Narendra Modi as an opportunity to invest in real-estate.

A report in The Hindu said house sites in and around the Andhra Pradesh port city of Kakinada are attracting investors, mostly from the middle-class.

The report said fluctuations in the share and gold markets, inordinate delay in the construction of flats and a steep hike in the price of the built-up area are some of the factors that contribute to the rise in demand for house sites.

“Buying a house site is nothing but an investment,” the newspaper quoted M. Satyanarayana, an employee of a nationalised bank, as saying. “The price of a plot will definitely go up over a period of time, which means the resale value is assured. It is a safe bet compared to shares and gold,” he said.

The price for square yard is different from place to place. Within the city limits, it is not less than Rs. 30,000, whereas it is about Rs. 6,000 on the outskirts.

One can buy a house site of 200 square yards with an investment of Rs. 1.2 million, which is less than half the price of a two bedroom flat in an apartment complex, the report said.

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