Visakhapatnam: For every kind real estate investor, Visakhapatnam is a better option than Hyderabad. Cheaper land cost, cheaper skilled manpower, improving infrastructure and considerable demand are the few best futures of Visakhapatnam. The city’s real estate market has lesser competition and lesser project costs which lead to increase margin. The upcoming commercial and retail destinations in the city are Dwarakanagar, Seethamadhara, Gajuwaka, Rushikonda, Anakapalli, Bheemili and Paarwada. For residential investment, the best areas now are Madhurawada, Pendurthy, Parawada, Bheemunipatnam and the areas towards the Anakapalli Corridor. The allotment of the land by the state government to industries, software companies and development of special economic zone (SEZ) has added more fuel in the city’s property market. Still the rates of the property are cheaper than Hyderabad. Beside the city is a tourism centre of the state, it is also a hub of steel and other industries. Along with steel, pharmaceuticals, chemicals, and marine industry and the upcoming software and knowledge based industries are giving it a modern outlook. Recent development in industrial sectors and a mammoth investment of NRIs in the city, the property rates in certain localities have been soared as high as 75%. Even some of the areas in the city have witnessed a two fold rise in property prices in a single year. The city offers all types of residential property with all types of budgets.