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Visakhapatnam: even more Visakhapatnam Smart City Corporation Limited (GVSCCL), special purpose vehicle operated by Greater Visakhapatnam Municipal Corporation Vizag to implement smart city The project has invited expression of interest from private parties to commercially develop a prime plot of 2.7 acres in the Asilmetta area.
Asilmetta is one of the busy commercial centers of Visakhapatnam with showrooms of many national and international apparel, jewelery and electronics brands. It is part of the city’s central business district. The land parcel is located only approximately 500 meters away from Visakhapatnam Bus Station.
According to GVMC officials, there is a possibility of investment of about 265 crores in the proposed project. The site will need to be developed with a minimum gross built-up area of 8.7 lakh sq ft, which includes 6.56 lakh sq ft built-up area and 2.16 lakh sq ft parking area. GVSCCL intends to develop the proposed structure as an iconic architectural edifice for the city.
According to GVMC officials, the identified 2.7 acres of land has the potential to ideally be developed as a commercial complex, mall, multiplex, hotel tower and urban entertainment centre. The development is envisaged through a single developer or through a consortium. After the development of the project, the developer will share the revenue with GVSCCL.
GVSCCL has been entrusted with the responsibility of unleashing the potential of this property for building a landmark structure for the city of Vizag. This is expected to bring about a radical change in the skyline of the city.
This could not only catalyze the development of the neighborhood, but also become serious in the future as a form of local address recognition.
This development will be branded as a landmark project. The project will be undertaken in the Public-Private Partnership (PPP) model. The selected PPP developer will be provided with an opportunity to do branding of the project.
As per the master plan, the identified land has been kept in the commercial category. The private party will have to develop the project on a Design, Finance, Build, Operate and Transfer (DFBOT) basis. Lease period including construction period will be 33 years. As a result of the EOI, GVSCCL will follow a competitive bidding process for the selection of the bidder.
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