PNS | VIJAYAWADA
CII Visakhapatnam organised a conclave on ‘Economic Growth Drivers & Real Estate Development’ on Thursday in Visakhapatnam.
Manomay Rai, CEO of GMR Visakhapatnam International Airport Ltd, speaking at the conclave, said that airports act as an economic multiplier for the areas in their vicinity and beyond. Studies conducted by NCAER for Delhi and Hyderabad airports corroborate the same. Industries like construction, real estate, logistics, hospitality, tourism, etc benefit directly from increased connectivity leading to new trade and investment opportunities.
V Prabhu Kishore, Chairman & Founder of Varun group, said granting speedy approvals from the government’s side is enabling completion of the tourism and hospitality projects for driving economic prosperity in this region.
Sharing his valuable insights on growth areas and opportunities in Visakhapatnam region, M Nanda Kishore, MD, Ramky Estates & Farms Ltd said the city is witnessing transformation on all fronts.
The city offers a combination of affordability, quality, growth and potential that is hard to find in tier 1 cities. However, one should carefully assess the risks and challenges associated with investing in Tier 2 cities and conduct thorough research before making investment decisions.
Rajesh Grandhi, Vice Chairman, CII Visakhapatnam said, the Real Estate Sector in India has come a long way by becoming one of the fastest growing markets in the world. India continues to be one of the world’s fastest growing major economies and it is expected to reach US$ 1 trillion in market size by 2030.
Delivering theme address during Conclave on Economic Growth Drivers & Real Estate Development organised by the CII Visakhapatnam with JLL as knowledge partner, Mr. Jerry Kingsley, India Head- Valuation & Advisory, JLL Property Consultants (India) Pvt Ltd. said factors such as government initiatives like “Smart City” projects, improving connectivity, and favorable investment policies, contribute to their growth potential. He said upcoming Bhogapuram international Airport is likely to be a big game changer for the city, which would boost economic activities in the region in areas like MRO, Logistics, Industrial, Tourism, Hospitality and real Estate. Upcoming Integrated Data Center and Business Park by Adani Group at Madhurawada and Kapulappada is likely to attract other players into the market, which will boost the demand for real estate in the region in the long-term.
