Vizag Development body to develop housing, IT space under PPP model
The Visakhapatnam Urban Development Authority (Vuda) has zeroed in on three of its land parcels for mixed-use development in Siripuram and Madhurawada areas. Proposed to be developed under the public-private partnership model, Vuda officials are currently contemplating on which model of PPP funding will suit these projects. International property consultant CBRE has already done a study of the land parcels and submitted its report.
A 1.35-acre plot located next to the Vuda office will be converted into a multi-level car parking (MLCP) and commercial space. After the Vuda Children’s Arena and Gurajada Kalakshetram were thrown open to the public in the vicinity of Vuda Udyog Bhavan, Vuda has proposed to develop a multi-level car parking facility in Siripuram area.
Currently, a multinational call centre is using the 2.15-acre Vuda plot situated next to it for its parking purposes. Amidst the talks that the Vuda plot will be transferred to a private party in exchange of the latter’s plot on the RK Beach to pave way for the proposed international convention centre, Vuda officials expect an imminent need of creating parking space in Siripuram to accommodate the increasing vehicular traffic in the city as well as the vehicles of the MNC.
Vuda has been long proposing a MLCP to reduce the traffic woes in the city, which has not materialised due to various reasons. The urban body has now incorporated the commercial space aspect in the project, which may attract more private parties and reduce the car parking tariff.
The structure on the 1.35-acre area would likely get three underground floors for parking. Three more floors will be constructed from the ground level for commercial purposes. Again, parking facility will be created on the top of the building. As per preliminary proposals, Vuda will get free parking space as well as revenue sharing in the project.
A senior Vuda official informed that the other land chosen for development is a 19.5-acre patch in Madhurawada. “This will get an IT tower, luxurious hotels and commercial space. We are currently exploring the best PPP model for these projects. The 19-acre land is located in survey numbers 394, 395, 396 and 397,” said the official.
On the other hand, Vuda is also planning to take up a housing project in Yendada area. The 25.9-acre land is located in survey No 1 of the area. The Vuda official informed that they will soon release an expression of interest to invite private bidders to develop these projects under the PPP model.