With the demonetisation drive severely impacting the real estate sector in the port city, realtors are now looking at alternatives to keep the business afloat.
Now, instead of building independent houses, realtors are focussing on Gated Communities close to the city.
About 25,000 acres of land in the outskirts of the city had already been converting into Gated Communities or apartments. Many layouts have come up in those lands. Sites close to the city include Anandapuram, Boyapalem, Bakkanapalem, Tagarapuvalasa, Rushikonda and Bheemili on one side and Duvvada, Lankelapalem, Aganampudi on the Vijayawada highway side. More than 80% of the lands at Pendurthy, Sabbavaram, Parawada, Chinnamushidiwada, Purushottamapuram, Chimalapalli and Vepagunta will been converted into layouts. All these areas are within 20 to 25 km from the main city, sources said.