Visakhapatnam: VMRDA eyes private investment for land development project
VISHAKHAPATNAM: In a first-of-its-kind initiative, the
Visakhapatnam Metropolitan Region Development Authority
(
VMRDA
) has decided to conduct roadshows in
Hyderabad
and Bengaluru on May 23 and 30, respectively.
The objective is to attract private investors for the proposed public-private partnership (PPP) model development of nearly 88 acres of land owned by the authority in the Madhurawada area.
VMRDA recently held a meeting with private developers from
CREDAI
and
NAREDCO
, during which it highlighted the advantages of the site. The land alone is valued at approximately Rs 500 crore.
Madhurawada, which serves both as a premium residential area and an IT zone for Vizag city, has come into the limelight over the past two decades. The neighbourhood is home to an IT special economic zone.
VMRDA chairperson MV Pranav Gopal and metropolitan commissioner KS Viswanathan said that, owing to initiatives by the Union govt to develop the beach corridor from Kharagpur in West Bengal to
Visakhapatnam
, and with a double-decker metro rail project in the pipeline, the region is poised for rapid growth.
"The proposed land in Madhurawada is well-suited for the development of convention centres, hospitality, residential, commercial, and entertainment facilities. The site, located just 100 metres from a proposed metro station, is well-connected by major roads, lies only one kilometre from a data centre project coming up at Kapuluppada, and is in close proximity to the IT city and the upcoming Bhogapuram International Airport — all of which enhance its attractiveness," said Pranav Gopal and Viswanathan.
They added that Visakhapatnam, which already holds a prominent position nationally, has a bright and promising future in terms of development.
"As part of efforts to develop Visakhapatnam in line with the vision of chief minister Nara Chandrababu Naidu to transform Andhra Pradesh into a $2.4 trillion economy by 2047, there is enormous development potential in Vizag, and this project is a key step in realising that vision," the VMRDA chairperson and commissioner added.
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