Latest news with #DevelopmentAuthority
Hans India
7 days ago
- Business
- Hans India
NTR Smart Township scheme revamped to boost sales
Vijayawada: The state government announced a significant revamp of the NTR Smart Townships scheme, aiming to revitalise Middle-Income Group (MIG) housing projects, streamline plot allotments, and boost revenue. The updated guidelines, outlined in GO Ms No 148 by the municipal administration and urban development department, seek to expedite project execution, enhance transparency, and better cater to market demand. The NTR Smart Townships initiative, originally designed to provide affordable and well-planned housing for the middle class, has encountered substantial hurdles. Out of 74 approved projects across 66 Assembly Constituencies, only 36 have commenced, with a mere 29 per cent of plots sold and just 23 per cent of anticipated revenue realised. The government attributes this lackluster performance to restrictive policies, including a lottery-based plot allocation system, an Rs 18 lakh income ceiling, a one-plot-per-family rule, and uniform pricing irrespective of plot size or location. To rectify these issues, the government has suspended new applications for launched layouts. Pending applications will be addressed through one-time lotteries. Unsold plots will now be put up for auction, adhering to Development Authority norms, to accelerate infrastructure development. Furthermore, non-launched MIG projects will be re-designated as commercial housing layouts, to be managed by Urban Development Authorities (UDAs) under revised regulations or government directives, promoting a more market-driven strategy. Municipal administration and urban development principal secretary S Suresh Kumar said, 'The NTR Smart Townships were conceived to provide affordable housing, but public response has been inadequate. These revised guidelines are intended to streamline processes and attract more buyers.' The special officer for MIG layouts, Director of Town and Country Planning, and engineer-in-chief of public health have been instructed to implement these changes immediately. Provisions under Section 3 of GO Ms No 76, dated July 28, 2021, will no longer apply to unallotted plots in launched layouts.
Yahoo
7 days ago
- Business
- Yahoo
Virginia Beach wants proposals for development project with parking garage near convention center
VIRGINIA BEACH — After years of contemplating more parking options near the convention center, the city is finally making a move. The Development Authority is seeking proposals for a commercial or residential project with a public parking garage on the southeast corner of 19th Street and Parks Avenue. The property is currently operated as a public surface parking lot serving the convention center. The 1.7 acres are adjacent to Wareing's Gym and behind the ViBe Creative District's park stage. It has 109 spaces, a fraction of the capacity of a multi-story garage, Peter Gaytan, a planner with the city's Department of Economic Development, told a resort area transportation committee Thursday. The Development Authority would own and operate the parking aspect and is interested in complementary uses including 'commercial, office, residential, restaurant or retail,' according to the request for proposals, which was released July 21. 'Interested parties that plan to create a vibrant, diverse, and connected development, while also complementing the creative energy of the adjacent ViBe Creative District, are encouraged to submit,' the request states. The request leaves the door open for the city to share the cost, though no dollar amount is mentioned. Omitted from the list of potential uses is a convention center hotel, likely because of the size of the site. Multiple studies have concluded that the city needs a large hotel connected to the venue. Earlier this year, the City Council heard details of a preferred plan for the central beach area, which includes the convention center district. City staff and consultants with Renaissance Planning and Dills Architects designed a plan for roughly 80 acres of land, which included recommendations for new residential areas and structured parking. A review committee will rank the proposals based on several criteria, including: Anticipated fiscal impact to be evaluated based on the respondent's combined financial contribution as well as financial and operational viability, and whether the proposal presents a realistic, well-structured financial model that ensures long-term success. Any requested VBDA or City contributions to the project must be clearly stated. The amount of public parking spaces and how quickly they could realistically be achieved. The credentials of the respondent. The compatibility of the proposed complimentary uses to the public parking structure and building form. The conformity of the proposal to the Central Beach Small Area Plan vision, adjacent ViBe Creative District, and Resort Strategic Growth Area as a whole. The highest-ranking proposals may be shortlisted for interviews with the committee, which will make a recommendation to the Development Authority and the City Council. The deadline for submission is Oct. 20. Stacy Parker, 757-222-5125, Solve the daily Crossword
Arab News
28-05-2025
- Business
- Arab News
Saudi Arabia's Asir region revitalizes 95% of stalled projects
ABHA: Saudi Arabia's Asir region has successfully revitalized 95 percent of its previously delayed project, an important milestone that is strengthening investor confidence as the region moves forward with SR29 billion ($7.73 billion) worth of initiatives across various sectors. In an interview with Arab News, Hashim Al-Dabbagh, CEO of Asir Region Development Authority, stated that a dedicated committee, chaired by Asir Gov. Prince Turki bin Talal, was formed several years ago to tackle long-standing investment challenges that had stalled progress in the region. 'The total number of cases that have been brought to this committee to address has been 63, all brought to the table,' Al-Dabbagh said. He continued: 'Of these 63 cases that have been brought to this committee to address and to solve, 60 cases have been solved, and three are in the pipeline right now, and they're working on them, and they're going to solve them relatively soon.' Of the 60 resolved, 57 were concluded with outcomes that satisfied investors, reflecting a resolution rate of nearly 95 percent. 'This committee and the work that they have done has created some very positive vibes across the investment ecosystem in Saudi Arabia, which you sense in this forum because there are some very large investors that are coming to Asir, some coming back to Asir which had not been interested in this region in the past,' Al-Dabbagh said. The board operates in collaboration with various public and private entities, including ASDA, the Ministry of Investment, the Ministry of Tourism, the Tourism Development Fund, and King Khalid University, ensuring a unified approach to accelerating investor activity in the region. This resolution mechanism plays a key role in supporting the region's development strategy, which focuses on unlocking investment potential across various sectors. 'First of all, we have a strategy that drives everything that we are doing,' Al-Dabbagh said. He added: 'The strategy has been approved by the center of government, and it says that Asir should be a year-round preeminent destination, so already we know that we need to focus on the tourism sector and complementary and adjacent sectors to the tourism sector. That's one, and that gives us a lot of momentum in working with the government ecosystem and the private sector.' Al-Dabbagh emphasized that Asir is more than just a tourism destination, noting that it is a vast region in the Kingdom with a population exceeding 2 million people. 'Within the Asir Development Authority, we have a whole department called Economic Development Department, and they are working diligently this year on sectoral studies across the board.' He added: 'This includes, obviously, tourism-related sectors, but also other ones, so just as an example, we are looking at sports, we are looking at construction. We're looking at fisheries and agriculture. We're looking at renewable energy. We're looking at mining among other sectors.' The authority is also aligning its economic strategy with educational institutions to ensure the region's workforce is equipped to meet the demands of upcoming sectors. 'We are working closely with King Khalid University, the TVTC (Technical and Vocational Training Corp.), Bishop University, and other educational institutions to align the strategies and to make sure that their graduates are able to find jobs in the opportunities that are going to be realized as we realize this strategy,' he said. On attracting investments, Al-Dabbagh stated: 'What I call the investment ecosystem in Asir, it's the framework that we use to assess investments, is comprised of three components. The first component is the Invest in Asir committee, and that's headed by Prince Turki in his capacity as the chairman of the Aseer Development Authority and includes all the public and private sectors.' He explained that the region offers a compelling opportunity for early movers due to its untapped potential, strategic government backing, and the ability to enter key sectors before they reach full maturity, providing investors with a critical advantage in shaping long-term development. 'Asir relative to those mature, tourism destinations, offers relatively less mature areas, so when they're coming in, they're coming in early and they're going to have a ... not a first mover advantage, but an early mover advantage compared to people that are going to see this place for five years or 10 years down the road when all these incumbents are already on the ground.' Attracting FDIs Foreign direct investment is also gaining momentum in Asir, with growing interest from global players seeking early opportunities in the region's evolving landscape. 'One of the speakers in today's forum was Fatih (who is managing partner of FTG Development), and they are looking at an investment worth billions in Asir. That is just one example, and foreign direct investors, they look for successful local investors to partner with,' Al-Dabbagh said. He concluded: 'Our doors are open. We're very happy to meet with the investors from anywhere.'
