Tag: visakhapatnam

IndustryLatest Stories

Builders Seek RERA Clarity as Andhra Pradesh Real Estate Revives

VIJAYAWADA: The real estate sector in Andhra Pradesh is experiencing a resurgence, with developers eager for the Real Estate Regulatory Authority (Rera) to enhance transparency and protect the interests of homebuyers and builders alike. Recent months have seen a surge in construction activity, especially in urban areas, fueled by improved infrastructure and rising investor confidence. According to guidelines, all housing projects must register with Rera prior to construction commencement. Authorities have indicated that non-compliance will lead to significant penalties, a move designed to protect buyers from misleading promotions while ensuring that developers adhere to approved plans and timelines. Several ongoing…

Latest StoriesResidential

Visakhapatnam: VMRDA Issues RFPs for High-Rise Development

VISHAKAPATNAM: The Visakhapatnam Metropolitan Region Development Authority (VMRDA) has announced requests for proposals (RFPs) for the construction of apartment complexes in Midhilapuri and Vepagunta, as well as a 50-storey tower in Madhurawada. This marks VMRDA’s first initiative in residential housing projects in over a decade, as they have primarily focused on selling plots and land for government layouts in recent years. According to VMRDA, the upcoming projects will be executed using a public-private partnership (PPP) model and are expected to be priced below current market rates, catering to the ‘middle income group’ housing segment in Midhilapuri and Vepagunta. The 50-storey…

InfrastructureLatest Stories

Joint Venture Approved for Visakhapatnam, Vijayawada Metro

Representative Image VIJAYAWADA: To encourage joint venture (JV) participation in the International Competitive Bidding (ICB) for Phase 1 of the Visakhapatnam and Vijayawada metro rail projects, the AP Metro Rail Corporation (APMRCL) has officially stated that a maximum of three bidders can form a JV to take part in the bidding process. This initiative aims to enhance competition among bidders for both metro rail projects. However, the APMRCL has declined the bidders’ suggestion to divide the metro project works into multiple packages, which was proposed during the pre-bid meeting. In an interview with TOI, APMRCL MD NP Rama Krishna Reddy…

IndustryLatest Stories

Andhra Pradesh Real Estate Sector Shows Recovery Signs

VIJAYAWADA: After a five-year stagnation, the real estate sector in Andhra Pradesh appears to be experiencing new growth. There has been an uptick in land transactions throughout the state, reflecting a renewed interest from buyers in real estate investments. The increase in revenue from stamp duties and registrations further indicates a recovery in the market. The stamps and registrations department reported a 46% revenue growth in the first quarter of the current financial year compared to the same period in 2024. The year-to-date growth stands at 39%, signaling a positive shift for the sector. Following the launch of projects worth…

InfrastructureLatest Stories

VMRDA Plans Four Theme-Based Townships in Visakhapatnam

VISAKHAPATNAM: The Visakhapatnam Metropolitan Region Development Authority (VMRDA) has issued a request for proposals (RFP) to select a transaction advisor for the development of four theme-based townships in Kothavalasa village of Bheemili mandal, Sontyam in Anandapuram mandal, and two additional locations. Covering an approximate area of 500 acres, these projects will create integrated and self-sustaining urban clusters. Each township will revolve around distinct themes, including IT and innovation, health and wellness, education, tourism, and culture. Given their proximity to the IT hub in Madhurawada and the emerging industries in Anandapuram and Bheemili, these townships aim to foster a walk-to-work culture.…

CommercialLatest Stories

5 IT Firms Receive Land in Visakhapatnam, Commit ₹19,000 Crore

VISAKHAPATNAM: The state’s tech ecosystem receives a major boost as the government allocates land parcels to five IT companies, including data center projects, with an estimated investment of ₹19,000 crore. The government approved the allotment of 3.6 acres at the IT SEZ in Madhurawada to Sify Infinit Spaces Limited at ₹1 crore per acre, mandating that operations begin within two years. Additionally, Sify has been granted 25 acres in Paradesipalem at ₹50 lakh per acre for establishing a 550 MW data center, with a projected investment of ₹15,266 crore and the potential to create 600 jobs. Phenom People Private Limited…

InfrastructureLatest Stories

Visakhapatnam: Cherlopalikhandam Township Plan Revived After 18 Years

Representative image created by AI VISAKHAPATNAM: After nearly 18 years of challenges, the long-standing issue surrounding the Cherlopalikhandam land near Anakapalli is finally resolved. This paves the way for a 58-acre integrated township project. Initially proposed in 2007 under the land pooling scheme (LPS), the project faced delays due to complications concerning 16 acres for which owner consent was not secured. The Visakhapatnam Urban Development Authority (VUDA), now known as the Visakhapatnam Metropolitan Region Development Authority (VMRDA), identified 86 acres in Cherlopalikhandam village for a major layout in 2007 due to high public demand. Of this, 62.37 acres were private…

IndustryLatest Stories

Only 29% of Plots Sold in Andhra’s MIG Housing Scheme

Representative image created by AI VISAKHAPATNAM: Nearly three years after its launch, Andhra Pradesh’s ‘Smart Townships’ initiative, now known as ‘NTR Smart Townships’ under the new administration, has struggled to fulfill its commitment to providing affordable housing options for middle-income groups (MIG). Out of 36 projects initiated across various Assembly constituencies, a mere 29% of plots have been sold, generating only 23% of the anticipated revenue. Additionally, urban development authorities (UDAs) have approved 38 more projects across 37 constituencies, currently in diverse stages of development. The scheme’s underperformance can be attributed to several factors, including an income cap of ₹18…

CommercialLatest Stories

Andhra HC Denies Stay on TCS Land Allotment in Vizag

Representational image VIJAYAWADA: On Wednesday, the high court ruled against halting the land allocation to Tata Consultancy Services (TCS) in Visakhapatnam. The court noted that many states offer land to companies at minimal costs to attract investments, questioning what issue arises if Andhra Pradesh adopts a similar approach. However, the high court indicated that the allotment is contingent upon the final decision regarding the petition. Nakka Nammi Grace, president of the Society for Protection of Civil Property and Environmental Rights in Visakhapatnam, filed a Public Interest Litigation (PIL), arguing that the government’s allocation of land to TCS violates APIIC guidelines.…

IndustryLatest Stories

Andhra Pradesh extends LRS guidelines cut-off to June 30

VIJAYAWADA: The state government has instructed municipal commissioners and urban development authority vice-chairpersons to address all outstanding applications under the Layout Regularisation Scheme (LRS). In light of the cabinet’s recent endorsement of the proposal, the municipal administration department has disseminated comprehensive guidelines for the implementation of the LRS regulations. This initiative is expected to benefit plot owners in unauthorized layouts covering approximately 18,000 acres statewide. As per reports, the Director of Town and Country Planning (DTCP) provided the state government with data indicating that around 14,535 unauthorized layouts, spanning nearly 78,452 acres, were recorded in the UCIMS app by Urban…