Visakhapatnam Metropolitan Region Development Authority (VMRDA) will conduct an auction for the sale of 14 bulk land parcels in Madhurawada area, towards the end of this month. Measuring about 87.8 acres, the upset price per square yard is fixed at ?30,000.
The sale proceedings may fetch the urban development authority nearly Rs 1,200 crore, if all the land pockets of the auction are sold even at the base price. The sale does not only help the VMRDA test the mood of the market but would also have a spiraling effect on the real estate market in the neighbourhood.
This is for the first time for the VMRDA to embark on a bulk land auction on such a massive scale, that too in the upmarket Madhurawada area. Serving as a premium residential area as well as IT zone for Vizag city, Madhurawada has thrust into limelight in the last two decades. The neighbourhood is a home for an IT special economic zone.
Considering all these factors and the reports over the CMO shifting, the auction may witness enthusiastic participation from the top builders from across the state. Visakhapatnam district collector Dr A Mallikarjuna said that the 87.8 acres of land in Madhurawada has been divided into 14 bulk lands with each one measuring about three to 12 acres of land.
Titled as Madhurawada Heights, each land parcel has an 80 feet road and electricity connection. The area falls into a mixed use zone as per the master plan road, which means the land can be developed for both housing and commercial purposes. The upset price of Rs 30,000 is a way less than compared to the existing market prices in Madhurawada area.
