The joint venture ‘Fortune Hills’ in Dakamarri was the last layout developed up by the VMRDA back in 2016. Despite selling the HIG (high-income group) and MIG (middle-income group) plots at a premium price, the auction of LIG (low-income group) plots in this layout is still pending due to technical and policy reasons.
While the VMRDA did auction a few land parcels in 2019, they were not in a single layout. These land bits, scattered in various parts of Vizag city and suburbs, received overwhelming response.
For instance, a plot located at MVP Colony in the city, measuring 387 square yards, received the highest bid of Rs 1,08,700 per square yard against the upset price of Rs 56,400 fixed by the VMRDA. Similarly, setting a new record of Rs 95,960 per square yard in the Madhurawada area, a 230 square yard land parcel fetched a record Rs 2 crore to the VMRDA.
According to observers, the litigation-free nature, clear titles and leaving sufficient space for social infrastructure development make the VMRDA layouts a lucrative choice for the buyers.
Speaking to TOI, VMRDA metropolitan commissioner P Koteswara Rao said that urban development authority is looking for ways to mop up its revenue. “In this process, we want to develop a few layouts. We are in the process of identifying suitable land pockets for this purpose. Covid-19 has impacted the revenue of the urban development authority,” said Koteswara Rao.
Vizag city has witnessed a lot of attention on the realty front in the last one year, thanks to the government’s plan of making it the executive capital. There has been a clear surge in land prices by about 20–30%. This phenomenon is particularly evident on the northern side of Vizag city which has high odds of becoming the seat of power.