It expects to net Rs. 200 cr. to Rs. 300 cr. from auction of lands
As a part of its efforts to mobilize revenue, VUDA is planning to take up land-pooling. The revenue is meant to support various development projects proposed for Visakhapatnam.
“We are planning to take-up land-pooling in about 500 acres and develop layouts in them,” VUDA Vice-Chairman T. Baburao Naidu has said.
After a long time, the VUDA is embarking on a major auction of plots in the first phase of its new layout developed at Dakamarri in Bhimunipatnam mandal on August 8, 9 and 10. Besides, plots left over from the other layouts in the earlier auctions and odd bits are also coming under the hammer.
VUDA expects a revenue of Rs.200 crore to Rs.300 crore from the auction.
Identification of land and the related process for land-pooling is in an advanced stage and soon consultants are expected to take up work on preparing reports, it is reliably learnt.
The land has both assigned as well as private components.
As far as assigned land is concerned, VUDA has an advantage as only it can take up development there, say sources. Once the layout is developed the plotted area will be shared by the owners (of the land) and VUDA.
The revenue that is raised by VUDA is proposed to be spent on some of the development projects meant for the city.
A flyover at NAD for which designs are yet to be finalised has been a long-pending demand that saves commuting time for citizens. The cost is estimated around Rs.150 crore.
A sports complex has been proposed at Gandigundam at a cost of Rs.350 crore, for which short-listed architects have prepared designs. Chief Minister N. Chandrababu Naidu’s approval for the final design is awaited. An auditorium on the lines of Ravindra Bharathi in Hyderabad is to come up at M.V.P. Colony and estimated to cost Rs.40 crore.
Besides studies for Metro rail project have been completed and the Union Government’s approval is awaited. The revenue raised by VUDA will go into the funding of the projects, says Mr. Baburao Naidu.
We are planning to take up land-pooling in about 500 acres and develop layouts on them.
T. Baburao Naidu