Visakhapatnam, October 20, 2006
Lands on lease for 33 years also available
Speaking in a press conference, the Chairman of Visakhapatnam Urban Development Authority (VUDA) PSN Raju said on Friday that nine companies passed through the pre qualification technical bidding process for the housing projects and seven for shopping complexes. The allotment of projects will be made by the expert committee in the open bidding to be held. The VUDA has decided to finalize financial bids for six projects in the presence of people and media at VUDA Children’s Theatre on October 23, 24.
The six member committee constituted by it will approve the bids for two mixed use housing projects at Madhurawada and Vepagunta, a shopping complex at Siripuram, multiplex at MVP Colony and internal schools at Madhurawada and Vepagunta. The housing projects at Madhurawada and Vepagunta would be spread in about 80 acres and 55 acres respectively. They would have HIG, MIG and LIG flats and facilities for recreation and other public utilities. Shopping complexes at Siripuram and MVP Colony would have construction space of 1.4 lakh and 1.2 lakh square feet respectively.
The VUDA Vice Chairman G Venkataram Reddy said that the lands would be leased out for 33 years on a rent of five percent of the land value per annum besides one percent of the land value would be paid as development fees.
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