Sat, Aug 01, 2015, 01:25 PM
Real estate sector is heading for a downturn in Visakhapatnam. After the bifurcation of the State, people purchased plots in and around the city hoping that they would gain windfall profits. The demand for apartments dropped sharply though there were proposals to start Smart City, Industrial Hub and other projects in the city. Thousands of flats are available for sale but there are no prospective buyers. Hike in stamp duty, high interest rates and proposed airport at Bhogapuram in Vizianagaram district are said to be the reasons for the downfall of the real estate sector in the city.