VMRDA eyes big moolah from land sales in Vizag

Land Sale

♦ Vizag set to be seat of administration during Dasara festival

♦ The upset price is fixed at Rs30,000/ sq yard

♦ VMRDA sets deadline for submission of applications as Sept 27

♦ The land parcels will go under the hammer on Sept 29-30

♦ Each parcel of land has basic amenities

♦ And 80-ft road in the close proximity to National Highway

Visakhapatnam: Visakhapatnam Metropolitan Region Development Authority (VMRDA) is pinning high hopes on netting a huge revenue from sale of 14 bulk land parcels extending over 87.8 acres in upmarket Madhurawada in the city, cashing in on the reported decision of Chief Minister YS Jagan Mohan Reddy to relocate to Visakhapatnam during Dasara festival, the proposed executive capital of Andhra Pradesh.

VMRDA received a lot of enquiries as soon as it notified the sale of large parcels of land named as ‘Madhurawada Heights’ after a long time. The upset price is fixed at Rs30,000 per square yard and sources said VMRDA expects to get at least Rs1,200 crore.

“Since any auction by VMRDA is most sought after, several builders depending on the location may like to take part in the auction,” an office-bearer of Credai told Bizz Buzz.

The land parcels are being sold at a time when the realty prices have skyrocketed with availability of a large extent of lands for development of apartment complexes and gated and commercial ventures turning remote.

Visakhapatnam has emerged as the biggest cosmopolitan and financial hub post bifurcation in 2014. As part of a decision to encourage decentralisation, the YSRCP government decided to go for trifurcation of capital, but the issue is sub-judice.

Meanwhile, Reddy is understood to have told his colleagues at the last Cabinet meeting that he will make Visakhapatnam the seat of administration during the Dasara festival.

The 14 land parcels located in Survey No. 421 (Old Survey No. 207) of Madhurawada are being sold under ‘as is where is position.’ VMRDA’s deadline for submission of applications through the GoAP e-auction portal was September 27. They will go under the hammer on September 29 and 30.

District Collector and VMRDA Metropolitan Commissioner A Mallikarjuna said the land parcel of 87.8 acres area has been divided into nearly three to 12 acres with mixed use zone as per the master plan road with each parcel of land having access to basic amenities and a 80-ft road in the close proximity to the National Highway. The pre-bidding conference conducted by VMRDA last week also received an encouraging response.

VMRDA is also yet to decide on its strategy on monetisation of 13 acres the government has handed over to it from the APIIC. The land known as LuLu Group land was taken over from the UAE-based mall owner after the YSRCP government scrapped the allotment made by the erstwhile TDP regime for development of an international convention centre, five-star hotel and a multiplex at a cost of Rs2,200 crore.

Due to the pandemic, VMRDA refrained from auctioning large parcels of land for a long time. It has been selling residential plots now and then and the AP’s largest urban development authority has not taken up any housing venture after constructing row houses at Rushikonda and another mega housing venture Harita Complex in Madhurawada area.