Amid speculation of the Chief Minister’s Office shifting here around Dasara, Visakhapatnam Metropolitan Region Development Authority (VMRDA) is expecting a huge revenue of over 1,100 crore from the sale of 87.8 acres of land in survey number 421 at Madhurawada. Titled as ‘Madhurawada Heights’, the layout is next to Gayatri Medical College on NH-16 and about 8 km from Rushikonda Beach where the CMO office is said to be shifted from Vijayawada. The layout is about 32 km from the yet-to-be-started Bhogapuram International Airport.
This layout from the government authority is suitable for residential and commercial needs like sky towers, gated communities, villas in residential category, and hotels, mini educational institutes, multiplexes, supermarkets and film theatres for commercial purpose, said a VMRDA official.
The total layout is divided into 14 land parcels. VMRDA has fixed an upset price of 30,000 per square yard. One of its land parcels (8.07 acres) has the highest upset price of 117.23 crore. VMRDA has already issued a notification for e-auction to attract interested buyers worldwide. VMRDA Joint Commissioner V. Ravindra said, “As this is an e-auction, we usually do not have the details of the participants from our end. We hope that a good number of buyers from all over the world might have applied. This is the largest and first layout for multipurpose use, owned by VMRDA. The total layout area is 87.8 acres. This includes 75.26 acres of land for buildings and 12.54 acres of land to be developed by VMRDA by laying 80 feet black top carriageway roads and power supply lines,”.
“So, VMRDA will have to get revenue through the auction of only 75.26-acre area of the layout. Our upset price is very low compared to the layouts developed in the open market (around 65,000 per square yard). Moreover, our business is completely transparent". If the entire layout is sold, VMRDA may earn around 1,100 crore as per the upset price set by us,” Mr. Ravindra told.
On the other hand, real estate traders feel that this layout is more useful for commercial purposes than residential and also for large buyers. The Confederation of Real Estate Developers’ Associations of India (CREDAI) Andhra Pradesh Chapter General Secretary B. Srinivasa Rao said that the real estate market is currently on a down slide, but the Madhurawada area is progressing. However, the Madhurawada Heights layout is meant for larger buyers. CREDAI Visakhapatnam Chapter Vice President E. Ashok Kumar said, “The price (30,000 per square yard) is very high in this particular season, and on a lot depends on the CM’s movement".
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