In order to fill its empty coffers, the Visakhapatnam Metropolitan Region Development Authority (VMRDA) has embarked on an exercise to sell its lands in Visakhapatnam and Anakapalle through auction to raise at least Rs 300 crore. The VMRDA has decided to sell its lands through e-auction to meet its various needs even as Adani Data Park, Bhogapuram Airport projects are conceived in the backdrop of propaganda gaining ground that Visakhapatnam is going to be announced as executive capital of AP.
On the basis of the location, vastu compliance, commercial significance, the upset price has been fixed between Rs 8000 per square yard to Rs 40,000. The authority has decided to dispose of 24 acres of lands in the two districts. It also has plans to sell 3.96 acres in Tummapala, 0.19 acres in Madhurawada, 1.75 and 0.83 acres in Madhurawada, 1.66 acres in Kapuluppada, 3.55 acres in Chittivalasa, 4.87 acres in Bonangi. If these plots were to be sold, the VMRDA is going to net Rs 175 crore revenue. The first phase of auction would be conducted on Sep 12 and the second phase on Sep 15. The buyers can take part in the auction by quoting the upset price. The minimum increment in the upset should be at least Rs 100 per square yard. The successful bidder should pay 10 per cent of the bid amount within 72 hours. The VMRDA reserves the right to accept or reject any bid.
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