Visakhapatnam port trust set to lease out land for real estate
The port of Visakhapatnam is waiting for approval from the Greater Visakhapatnam Municipal Corporation (GVMC) to lease some of the land it owns here for commercial real-estate development, Visakhapatnam Port Trust deputy chairman P L Haranadh said.
VPT had taken a decision in late 2017 to lease the surplus land. The decision was based on the recommendations of a Vadodara, Gujarat-based land valuation company, which the port had engaged to evaluate the surplus land available with it.
The report had determined that VPT had not utilized 50% of the 7,618 acres of land controlled by the port trust in and around the city. It had also highlighted the availability of the 100 acres of land, which could be used for commercial development.