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18 Sep 2024
The Greater Visakhapatnam Municipal Corporation (GVMC) aims to bring 10,000 unassessed properties into the tax system this financial year, having already identified 4,600 such properties. It also found 877 underassessed properties and collected INR 135 crore through early bird property tax incentives, surpassing last year's INR 118 crore. GVMC's total property tax collection for 2023-24 stands at INR 457 crore, exceeding its target of INR 420 crore. The GVMC focuses on addressing unassessed and underassessed properties to boost revenue and has proposed enforcement teams to remove unauthorised constructions and encroachments while improving vacant land tax collection.Read more
14 Aug 2024
Visakhapatnam's housing initiative is progressing as District Collector Harendira Prasad directs the Housing Department to update the status of over 71,000 houses. Out of 1.39 lakh planned houses, approximately 1.29 lakh have been sanctioned, with 23,995 completed. The initiative spans 138 rural and 64 urban layouts. Prasad emphasises a 100-day action plan, daily progress reports, and geo-tagging for transparency. The move addresses the growing demand for affordable housing, especially post-COVID-19, and aims to improve living conditions for residents through efficient and accountable project management.Read more
28 Jun 2024
Visakhapatnam, Andhra Pradesh's largest coastal city, faces critical development challenges amid renewed hopes under a new government. With stalled projects like the metro rail and Bhogapuram beach corridor, residents eagerly await progress on infrastructure improvements and job creation initiatives exceeding INR 5,000 crore. The Bhogapuram International Airport stands as a beacon of promise, contrasting with delays in the south coast railway zone project due to land acquisition issues. Despite its educational prowess, translating talent into high-paying jobs remains a hurdle. Selected as a pilot city by Niti Aayog, Visakhapatnam aims for economic revitalization through strategic investments, signalling a pivotal moment for its future growth.Read more
26 Mar 2024
The auction of RINL (Vizag Steel Plant) land plots in the port city by the National Land Monetization Commission (NLMC) garnered keen interest from bidders, including NRIs. Held on March 14 and 15, the auction attracted 220 participants, resulting in the sale of 72 land plots or blocks totaling 29,270 square yards for INR 243 crore. While 63 plots and 9 blocks were sold, the remaining properties will be auctioned in Phase II. The plots, ranging from 129 to 5350 square yards, fetched prices between INR 70,200 and INR 85,800 per square yard, reflecting the demand for well-located properties in Visakhapatnam.Read more
27 Dec 2023
Curated Living Solutions, under the Divyasree Group, launches its first Green Field project in Visakhapatnam, providing 500 beds catering to Andhra Pradesh Medtech Zone (AMTZ) employees and students. This venture, the sole housing on AMTZ grounds, marks a novel collaboration boosting industrial housing. With plans to expand to 50,000 beds in five years and a robust portfolio, the company eyes significant growth in alternative housing. Their pioneering initiatives signal a promising trajectory, drawing parallels to commercial real estate for investment potential and service standards.Read more
17 Oct 2023
GMR is securing a INR 4,000-crore loan for the construction of a greenfield international airport in Visakhapatnam (Vizag). Led by India Infrastructure Finance Company (IIFCL), the consortium is providing a 14-year loan with an approximate interest cost of 10%. The Vizag airport, GMR's fourth major airport in India, is planned in three phases, accommodating 6 million passengers initially and scaling to 40 million once fully developed. The airport aims to boost GMR's aviation business and serve as a significant development for northern Andhra Pradesh. The loan involves moratoriums during construction and the initial operational year.Read more
04 Oct 2023
The urban development authority's plan to auction 14 bulk land parcels in Visakhapatnam on September 29 and 30 has encountered a disappointing lack of interest. Despite high hopes for robust bidding and revenue generation, potential buyers have shown little enthusiasm for these prime properties. The VMRDA's inability to attract participants raises concerns about the region's real estate market and economic prospects. The fate of these valuable land parcels now hangs in the balance as officials contemplate alternative strategies to spur interest and revitalize the auction process.Read more
29 Sep 2023
The proposed Visakhapatnam metro rail project, initially introduced nine years ago, remains stuck in the detailed project report (DPR) phase. Despite preparing a DPR and shortlisting bidders in 2019, the project's progress halted due to political changes and financial challenges, including the withdrawal of funding by the Export-Import Bank of Korea. A new DPR, encompassing additional areas, was later prepared. As of now, the estimated cost for the extended 76.9-kilometer project stands at 14,309 crore, with tram corridors proposed for about 60 kilometres. The project's future depends on approvals and funding availability from the Union government.Read more
28 Sep 2023
The Visakhapatnam Metropolitan Region Development Authority (VMRDA) plans to auction 87.8 acres of land in Madhurawada, with an upset price of Rs30,000 per square yard, potentially yielding nearly Rs1,200 crore. This significant auction, a first for VMRDA in the upscale Madhurawada area, includes 14 bulk land parcels, each ranging from 3 to 12 acres. Madhurawada, known for its premium residential and IT zones, has garnered attention over the years. This auction's impact on the real estate market and potential interest from top builders across the state is anticipated, especially given its strategic location and mixed-use zoning.Read more
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22 Sep 2023
Visakhapatnam Metropolitan Region Development Authority (VMRDA) is embarking on a significant project, constructing 46 reconstituted (RC) layouts over approximately 1,215 acres for farmers who participated in the land pooling process for one-cent layouts. The initiative comes at a cost of around Rs 200 crore. This follows the pooling of 5,000 acres for one-cent layouts in the combined Visakhapatnam district, with VMRDA undertaking the responsibility to create these layouts. Notably, VMRDA has already developed 83 one-cent layouts, covering over 4,800 acres, benefiting around 1.42 lakh homeless individuals.Read more
09 Sep 2023
A prime 13.59-acre land parcel adjacent to Visakhapatnam's RK Beach area, previously earmarked for the UAE-based LuLu Group, is set to hit the auction block. Recently transferred to the Visakhapatnam Metropolitan Region Development Authority (VMRDA), the urban development body is preparing to initiate the sale proceedings, with an expected revenue in the hundreds of crores. Originally designated for a multi-billion rupee project by LuLu Group, the land was reclaimed by the YSRCP government in 2019. With a reserve price of around ?1,452 crore, the auction is poised to attract attention due to its strategic location and road access.Read more
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13 Jul 2023
The Greater Visakhapatnam Smart City Corporation Limited (GVSCCL) is inviting private investors for a commercial development project in Asilmetta, Visakhapatnam's commercial nucleus. The proposed INR 265 crore project spans across a 2.7-acre plot and includes a shopping complex, multiplex, hotel tower, and urban recreational centre. The project, deemed the 'Landmark Project', aims to redefine the city's skyline and will operate under a public-private partnership (PPP) model. The undertaking will be developed on a Design, Finance, Build, Operate, and Transfer (DFBOT) basis with a 33-year lease period.Read more
30 Jun 2023
A case of alleged cheating and criminal intimidation has surfaced in Visakhapatnam, where the widow of an Army officer filed a complaint against the promoters of GCON BUILDER, a private real estate company. According to the complaint, the family had purchased a duplex flat from the builder, but the project was delayed multiple times without proper communication. Suspecting a discrepancy in the flat's actual area, the family consulted an architect who confirmed a significant difference. When the family confronted the builder, they were met with intimidation and threats. The complaint has been registered, and the police have initiated an investigation into the matter under relevant sections of the Indian Penal Code.Read more
19 Jun 2023
Visakhapatnam authorities are gearing up for land pooling in preparation for the "Housing for Poor" initiative. Over 770 acres of land have been identified across various villages. Grama Sabhas was conducted from June 12 to June 18 at Panchayat Offices for public opinion. Objections can be lodged at the Land Protection Cell Deputy Tahsildars' offices until July 4. The notification states that 771 acres will be acquired, with Anandapuram (401 acres), Visakha rural (118 acres), Padmanabham (116 acres), and Bheemili (135 acres) mandals being the major areas.Read more
14 Jun 2023
Land prices in Visakhapatnam are soaring, threatening the availability of affordable housing. Notable areas like Kurmannapalem and Anandapuram have seen up to 50% increases in real estate prices. This hike, linked to the proposed executive capital relocation, is expected to negatively impact the property market. CREDAI's Bayana Srinivasa Rao fears this may deter potential middle-class buyers. To counter this, the VMRDA is developing Middle-Income Group (MIG) layouts, offering fixed-price plots allocated via lottery.Read more
01 Jun 2023
Last week, CM Saikanth Varma, the Commissioner of the Greater Visakhapatnam Municipal Corporation (GVMC), visited a TIDCO housing colony in Satyanarayanapuram to evaluate the progress of construction works. The housing units, totalling 2,750, are nearing completion, with infrastructure works already finished. The wider TIDCO housing project in Visakhapatnam district involves the construction of 24,000 units of varying sizes, aiming to provide affordable housing options to different income groups.Read more
25 May 2023
The Income Tax Department officials have conducted raids on the premises of Haigreeva Infratech Projects Limited and the homes of its high-ranking executives in Visakhapatnam. The investigation is linked to alleged monetary dealings of Rs 100 crore between the company and the TDP during and after the 2019 elections. The raids resulted in the confiscation of crucial documents. Initial reports suggest a connection to IT security breaches at Navayuga Infra in Hyderabad. Haigreeva Infratech is a rapidly expanding infrastructure conglomerate with a strong presence in various sectors across India.Read more
08 May 2023
The Visakhapatnam Metropolitan Region Development Authority (VMRDA) is offering a 10% discount on the price of seven bulk land parcels that failed to sell at auction in September 2022. The auction is set to take place on May 11, and the deadline for applications is May 9. Buyers will have to bid above the upset price per square yard, and all the money involved in the transaction must be shown in white. The auction may affect private real estate ventures in the area and is expected to receive good interest.Read more
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