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The Greater Visakhapatnam Smart City Corporation Limited (GVSCCL) is inviting private investors for a commercial development project in Asilmetta, Visakhapatnam's commercial nucleus. The proposed INR 265 crore project spans across a 2.7-acre plot and includes a shopping complex, multiplex, hotel tower, and urban recreational centre. The project, deemed the 'Landmark Project', aims to redefine the city's skyline and will operate under a public-private partnership (PPP) model. The undertaking will be developed on a Design, Finance, Build, Operate, and Transfer (DFBOT) basis with a 33-year lease period.Read more
A case of alleged cheating and criminal intimidation has surfaced in Visakhapatnam, where the widow of an Army officer filed a complaint against the promoters of GCON BUILDER, a private real estate company. According to the complaint, the family had purchased a duplex flat from the builder, but the project was delayed multiple times without proper communication. Suspecting a discrepancy in the flat's actual area, the family consulted an architect who confirmed a significant difference. When the family confronted the builder, they were met with intimidation and threats. The complaint has been registered, and the police have initiated an investigation into the matter under relevant sections of the Indian Penal Code.Read more
Visakhapatnam authorities are gearing up for land pooling in preparation for the "Housing for Poor" initiative. Over 770 acres of land have been identified across various villages. Grama Sabhas was conducted from June 12 to June 18 at Panchayat Offices for public opinion. Objections can be lodged at the Land Protection Cell Deputy Tahsildars' offices until July 4. The notification states that 771 acres will be acquired, with Anandapuram (401 acres), Visakha rural (118 acres), Padmanabham (116 acres), and Bheemili (135 acres) mandals being the major areas.Read more
Land prices in Visakhapatnam are soaring, threatening the availability of affordable housing. Notable areas like Kurmannapalem and Anandapuram have seen up to 50% increases in real estate prices. This hike, linked to the proposed executive capital relocation, is expected to negatively impact the property market. CREDAI's Bayana Srinivasa Rao fears this may deter potential middle-class buyers. To counter this, the VMRDA is developing Middle-Income Group (MIG) layouts, offering fixed-price plots allocated via lottery.Read more
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Last week, CM Saikanth Varma, the Commissioner of the Greater Visakhapatnam Municipal Corporation (GVMC), visited a TIDCO housing colony in Satyanarayanapuram to evaluate the progress of construction works. The housing units, totalling 2,750, are nearing completion, with infrastructure works already finished. The wider TIDCO housing project in Visakhapatnam district involves the construction of 24,000 units of varying sizes, aiming to provide affordable housing options to different income groups.Read more
The Income Tax Department officials have conducted raids on the premises of Haigreeva Infratech Projects Limited and the homes of its high-ranking executives in Visakhapatnam. The investigation is linked to alleged monetary dealings of Rs 100 crore between the company and the TDP during and after the 2019 elections. The raids resulted in the confiscation of crucial documents. Initial reports suggest a connection to IT security breaches at Navayuga Infra in Hyderabad. Haigreeva Infratech is a rapidly expanding infrastructure conglomerate with a strong presence in various sectors across India.Read more
The Visakhapatnam Metropolitan Region Development Authority (VMRDA) is offering a 10% discount on the price of seven bulk land parcels that failed to sell at auction in September 2022. The auction is set to take place on May 11, and the deadline for applications is May 9. Buyers will have to bid above the upset price per square yard, and all the money involved in the transaction must be shown in white. The auction may affect private real estate ventures in the area and is expected to receive good interest.Read more
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