The Visakhapatnam Metropolitan Region Development Authority (VMRDA) is once again testing the waters through its bulk land action. The VMRDA was supposed to go for auction of 10 bulk land bits back in September 2022. The auction did not make any headway due to poor response from the buyers.
In the consequent months, the VMRDA has even got a nod from the authorities to divide the bulk lands into small bit.
As per the recent notification issued by the VMRDA for the sale of seven bulk land parcels, they have got a 10% price cut this time. For instance, the upset price per square yard was fixed at Rs 40,000 for a few bits in Madhurawada earlier. Now, the price has been reduced to Rs 36,000. Similarly, the bulk land pocket in Thummapala has been fixed at Rs 7,200 per square yard against the earlier price of Rs 8,000.
Even though these plots run into acres, the prospective buyers have to bid for over and above the upset price per square yard. Moreover, the buyers have to show all the money involved in this government transaction in white. Some prospective buyers are waiting for a formal shifting of the state’s capital to Vizag. Some land bits that will go under the hammer are located in the nascent real-estate market area.
According to the VMRDA officials, the applications will be received till May 9, while the auction will be conducted on May 11.
As chief minister Y S Jagan Mohan Reddy has recently announced that he will soon shift to Visakhapatnam, the VMRDA officials are expecting good application numbers this time. The 10% price cut may also draw the attention of the prospective buyers.
These seven land bits are located in different parts of combined Visakhapatnam district, right from Bonangi in Parawada and Thummapala in Anakapalli to Madhurawada in Vizag suburbs.
The demand for these land parcels will also affect the private real estate ventures as the present public demand for plots in Vizag can be gauged from the auction of these government plots. The VMRDA’s auctions generally witness good demand as these lands are believed to be litigation-free. The brand of VMRDA will also add to the demand.
