Madhurawada and Gajuwaka seem to be the most preferred locations for many tenants in Visakhapatnam. As per the rental agencies, in most of the areas, rents have been increased by about 20 to 30%. But there has been no major change in rents in these two localities over the past few years. Arilova being close to the heart of the city is also being preferred by many tenants due to lower rents, as per the agencies.
“A good double-bed room may be available for a rent of ₹10,000 or a maximum of ₹12,000 in prime locations of Madhurwada. Someone, who wants to reside in spacious apartments for lower rent, Madhurawada is the right place. Many employees working in the core city are opting for Madhurawada ignoring the traffic and busy NH travel. These days everything is available in Madhurawada, right from shopping complexes, multiplexes and restaurants,” said Ramakrishna, a broker from the city.
According to him, there has been significant rise in apartments over the years in Madhurawada including Kommadi, Bakkannapalem, Midhilapuri Colony, Marikavalasa and Boyapalem. He said that single bed room houses are available in interior areas for around ₹6,000, while some old double-bed room houses could also be found for about ₹8,000.
There is a steep increase in the number of households in Arilova region, as per the residents who have been living there since decades. N Ravi Kumar, a resident of TIC point, said that Arilova has a number of group houses and independent houses available for rent compared to many other areas of the city.
“Before 2019, one used to get a decent independent house for about ₹4,000. May be after capital announcement, the number of tenants have increased in this area. These days, good houses are available for rents ranging from ₹5,000 to ₹7,000,” he said
Radha Krishna, who works in a garment store at Dwaraka Nagar said that he had enquired about a few houses at Isukathota, Maddilapalem. The difference of rents when compared to Arilova and Maddilapalem region is at least ₹5,000, he said.
There is no major increase in rents since the last few years even at Kancharapalem. However, rents of houses at Marripalem have seen a slight rise.
Gajuwaka constituency which basically has more residents employed in public sector units and pharma companies is also being preferred by people due to low rents. However, the residents say that there is also a slight increase in rents over there. Many individual houses are being rented for about ₹5,000 in areas like Tunglam, Old Gajuwaka, Pedagantyada, while five years ago, the rents used to be around ₹2,500.
