Summary:
Visakhapatnam: The Visakhapatnam Metropolitan Region Development Authority (VMRDA) will get nearly Rs 96 crore in a net one-time settlement with a private developer. As per the DPR, the total project cost was pegged at Rs 257.45 crore and the total sales realization at Rs 310.07 crore. “Now the VMRDA will get Rs 96 crore as its share from the project, which was initially proposed at Rs 24 crore, as per the orders of the state government. After negotiations with the developer, the state government directed the VMRDA to enter into a fresh agreement.The VMRDA approved the building plans submitted by the developer in 2009. But, later in 2004, the state government directed the VMRDA to cancel the tender process given the steep hike in real-estate prices in the vicinity..