Vizag: VPT set to lease out land for real estate

  • | Thursday | 21st February, 2019

Finally, a total extent of 1,576 acres of land was vacant, including land in Lankelapalem and Mulakuddu villages. VPT had taken a decision in late 2017 to lease the surplus land. The port, which opened for business in 1933, has about 100 acres of land in several prime areas of the city, including Saligramapuram. Another 912 acres of land included hills, vegetation and water bodies. The land could be used to build office blocks, or shopping complexes.

VISAKHAPATNAM: 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.“We are hoping to get the approval soon, and plan to develop it into commercial real-estate under the Public-Private Partnership (PPP) model,” Haranadh told TOI. The port, which opened for business in 1933, has about 100 acres of land in several prime areas of the city, including Saligramapuram. 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.The report said that VPT, one of the 12 ‘major’ ports controlled by the ministry of shipping, had leased out 3,612 acres of land to industrial use, while another 1,518 acres is being used for infrastructure like a railroad, docks, utilities and buildings. Another 912 acres of land included hills, vegetation and water bodies. Finally, a total extent of 1,576 acres of land was vacant, including land in Lankelapalem and Mulakuddu villages. Lankelapalem is about 40 km from the port, on the road to Anakapalle, while Mulakuddu village is near Bheemili, on the coastal road.VPT also owns prime plots of land in the city itself, including about 7 acres of under-utilized land in Harbour Park, which houses top officials of the port trust, about 10 acres in Malkapuram, and 62 acres in Kailasapuram.Under the PPP model, VPT will be leasing the land to companies, which offer the highest lease fees. The land could be used to build office blocks, or shopping complexes.

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