Visakhapatnam smart city corporation plans Rs 265 crore commercial project – ET RealEstate

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VISAKHAPATNAM: The Greater Visakhapatnam Smart City Corporation Limited (GVSCCL), the special purpose vehicle floated by the Greater Visakhapatnam Municipal Corporation to implement Vizag smart city project, has invited an expression of interest from the private parties to commercially develop a 2.7-acre prime plot in Asilmetta area.

Asilmetta is one of the busy commercial centres of Visakhapatnam, housing showrooms of several national and international apparel, jewellery, and electronics brands. It is part of the city’s central business district. The land parcel is located only some 500 metres away from the Visakhapatnam bus station.

According to the GVMC officials, the proposed project has about 265 crore investment potential. The site would be required to be developed with a minimum gross built up area of 8.7 lakh square feet, including 6.56 lakh sft built-up area and 2.16 lakh sft parking area. The GVSCCL wants to develop the proposed structure as an iconic architectural building for the city.

According to the GVMC officials, the identified 2.7-acre land has the potential to be ideally developed as a commercial complex, mall, multiplex, hotel tower, and urban recreational centre. The development is envisaged through a single developer or a consortium. After the development of the project, the developer would share revenue with the GVSCCL.

The GVSCCL has been entrusted with the responsibility of unlocking the potential of this asset for the creation of a landmark structure for Vizag city. This is expected to bring in a radical change in the city’s skyline.

This may not only catalyse the surrounding developments, but also severe as a local address identity in the future.

The development will be branded as Landmark Project. The project will be taken up in the public-private partnerships (PPP) model. The selected PPP developer will be provided with the opportunity to brand the project.

As per the master plan, the identified land is classified as a commercial one. The private party has to develop the project on the design, finance, build, operate, and transfer (DFBOT) basis. The lease period will be 33 years, including the construction period. Consequent to the EoI, the GVSCCL will take up a competitive bidding process for the selection of the bidder.