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A new chapter of commercial development is poised to be written in Asilmetta, the bustling heart of Visakhapatnam, host to a vibrant mix of local and global retail outlets specializing in fashion, jewellery, and electronics. The area is set within the city's central business district and holds a key role in the city's commerce.
In an initiative by the Greater Visakhapatnam Smart City Corporation Limited (GVSCCL), an exclusive organization set up by the Greater Visakhapatnam Municipal Corporation (GVMC) to actualize Visakhapatnam's Smart City Vision, private investors have been invited to partake in a lucrative commercial development opportunity.
GVSCCL has put forth an enticing proposal that includes the commercial development of a prime 2.7-acre plot in Asilmetta. GVMC officials have announced that the project boasts an impressive investment potential of around INR 265 crores. As per the project's preliminary blueprint, the site is projected to possess a minimum gross built-up area of 870,000 square feet, including 656,000 square feet of construction space and 216,000 square feet dedicated to parking facilities.
The development is projected to be a flagship architecture for Visakhapatnam, encapsulating the city's forward-thinking urban development policies. Possibilities for the site range from a commercial complex, shopping mall, multiplex, luxury hotel tower, to a modern urban recreational centre. The selected developer or consortium will be tasked with realizing this vision, with the added benefit of revenue sharing with GVSCCL.
This ambitious project is an essential part of GVSCCL's mission to unlock the latent potential of the city, intending to significantly reshape Visakhapatnam's skyline and serve as a marker of local identity in the years to come. Titled the 'Landmark Project,' this venture will employ a public-private partnership (PPP) model, allowing the chosen PPP developer an opportunity to brand the project.
In line with the city's master plan, the prospective land has been categorized for commercial use. The selected party will undertake the project on a Design, Finance, Build, Operate, and Transfer (DFBOT) basis for a lease period of 33 years, including the construction period. Following the expression of interest, GVSCCL will proceed with a competitive bidding process to select the final bidder.
In conclusion, the INR 265 Crore 'Landmark Project' in Asilmetta marks a significant step in transforming Visakhapatnam's cityscape and business landscape. By harnessing private sector capabilities, the GVSCCL aims to set a new benchmark for urban development and contribute to the city's future growth and prosperity.
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