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The Visakhapatnam Metropolitan Region Development Authority (VMRDA) is gearing up for a significant land auction in Madhurawada, covering an expansive 87.8 acres. Scheduled for later this month, this auction will feature 14 bulk land parcels, each with a unique potential to shape the real estate landscape. At an upset price of Rs 30,000 per square yard, this auction has the potential to generate a substantial revenue of nearly Rs 1,200 crore if all the parcels are sold at their base price.
This undertaking by VMRDA represents a bold step into the world of bulk land auctions, marking a first for the authority, and it's happening in the prestigious Madhurawada area. Madhurawada, over the past two decades, has transformed into a prime residential hub and an IT zone for Vizag city. Notably, it's home to an IT special economic zone, adding to its allure as a hotspot for development.
The impending auction holds more significance than just a financial endeavour. It's a litmus test of the market's sentiment and, potentially, a catalyst for a ripple effect in the local real estate scene. What makes this auction particularly intriguing is the potential involvement of top builders and developers from across the state. Reports of the Chief Minister's Office (CMO) relocating further amplify the interest surrounding this event.
Visakhapatnam district collector, Dr. A Mallikarjuna, shared that the 87.8 acres of land in Madhurawada have been thoughtfully divided into 14 bulk land parcels, ranging from three to 12 acres each. They bear the title of "Madhurawada Heights," and each parcel comes equipped with an 80 feet road and electricity connections, ensuring accessibility and infrastructure readiness.
The zoning of the area is another factor that adds to the auction's appeal. According to the master plan, Madhurawada falls under a mixed-use zone. This means that the land isn't limited to a single purpose; it can be developed for both residential and commercial uses. This flexibility opens up a world of possibilities for potential buyers.
One striking aspect of this auction is the upset price set at Rs30,000 per square yard. This figure, while substantial, is notably lower than existing market prices in the Madhurawada area. This pricing strategy is likely to attract a wide range of investors, developers, and buyers, keen on capitalizing on the unique opportunity presented by this auction.
As the auction date draws near, the anticipation in the real estate market is palpable. The Madhurawada auction isn't just about selling land; it's about shaping the future of this vibrant neighbourhood. It's a testament to the ever-evolving dynamics of the real estate sector and the potential for transformative growth in Visakhapatnam.
In conclusion, VMRDA's decision to auction 87.8 acres of land in Madhurawada has sparked considerable excitement and interest. With the potential to raise approximately ?1,200 crore, the auction signifies a significant development in the real estate landscape. It's not merely a financial transaction; it's an opportunity to redefine the future of Madhurawada, a burgeoning residential and IT hub. The competitive upset price and mixed-use zoning make this auction a magnet for top builders and investors, promising a vibrant real estate market in the neighbourhood and a potentially transformative impact on the region's development.
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