Visakhapatnam: In a strategic move, the Visakhapatnam Metropolitan Region Development Authority (VMRDA) is gearing up to earn a substantial revenue of over ₹1,100 crore from the sale of 87.8 acres of land in Madhurawada, located in survey number 421 (old survey number 27).

This significant land parcel, aptly named 'Madhurawada Heights,' is generating considerable interest, and here's what you need to know:

Situated adjacent to Gayatri Medical College on NH-16 and approximately 8 km away from Rushikonda Beach, Madhurawada Heights is gaining attention due to speculations about the Chief Minister's Office (CMO) potentially relocating here during the Dasara festivities.

Furthermore, it's strategically located about 32 km from the yet-to-be-started Bhogapuram International Airport.

This versatile layout, administered by VMRDA, is suitable for both residential and commercial purposes. It opens doors for sky towers, gated communities, residential villas, as well as commercial ventures like hotels, mini educational institutes, multiplexes, supermarkets, and film theatres, as stated by a VMRDA official.

The expansive layout is divided into 14 land parcels, ranging from a minimum of three acres to a maximum of twelve acres. VMRDA has set an upset price of ₹30,000 per square yard for this prime property, with one of the land parcels (8.07 acres) having the highest upset price of ₹117.23 crore.

To attract potential buyers from around the globe, VMRDA has already issued a notification for e-auction, with the last date for applications being September 27. The e-auction is scheduled to take place on September 29 and 30.

Mr. V. Ravindra, Joint Commissioner of VMRDA, emphasized, "This is the largest and first layout for multipurpose use owned by VMRDA. If the entire layout is sold, VMRDA may earn around ₹1,100 crore as per the upset price set by us."

While real estate experts consider this layout to be more suitable for commercial purposes and large-scale buyers, they also acknowledge the potential of the Madhurawada area's growth.

In the words of Mr. B. Srinivasa Rao, General Secretary of the Confederation of Real Estate Developers’ Associations of India (CREDAI) Andhra Pradesh Chapter, "The price (₹30,000 per square yard) is very high in this particular season, and a lot depends on the CM's movement."

This strategic move by VMRDA not only has the potential to boost the local real estate market but also signifies the attractiveness of the Madhurawada region for future developments. Stay tuned for updates on this high-stakes land auction in Visakhapatnam! 

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