The Visakhapatnam Regional Development Authority (VMRDA) has reduced the cost of plots in its layout developed in Palavalasa near Visakhapatnam. The state-level committee fixed Rs 18000 as the price for square yard. In fact, there are 446 plots in the venture. When the VMRDA invited applications from bidders the response was so poor that it had to reduce the price to Rs 14,500 per square yard.
Earlier, the VMRDA could attract only 71 applications from bidders. The VMRDA issued notification for sale of plots in six ventures in Visakhapatnam and Vizianagaram districts. It fixed the price of square yard in Anandapuram junction as Rs 14,000 and fixed the price as Rs 18,000 per square yard in Palavalasa. But the private developers sell the square yard in Palavalasa between Rs 12,000 to Rs 15000 per square yard. The VMRDA has fixed the price of Rs 6500 to Rs 7000 per square yard for two layouts in Vizianagaram district.
