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adProperty News

     
 
Vuda project makes no headway
Source : The Hindu Property Plus Published On : 2009-01-25 City : Visakhapatnam

A court case comes in the way of the VUDA’s plan to build high-rise apartments at paradesipalem in public-private, partnership, writes G.V.prasada Sarma.

About a year ago, the visakapatnam urban Authority (VUDA) has come out with an ambitious plan to develop what it then called high –Rise apartments at paradesipalem in Public –private partnership.

The apartments are to come up in land that is part of its land –pooling exercise to create what is described as Asia’s biggest residential area

After calling for expression of interest and the necessary procedure it selected agencies for taking up the project

Following a request by the private party that bagged the project, the three separate ventures have been amalgamated and a single block of Land is given

AGREEMENT                                                                         

The agency paid Rs.2.67 cores towards non-refundable development fee to VUDA and a total development and construction bank guarantee of Rs.6.69 cores after the process was over VUDA entered into an agreement with the agency

When everything was about to start, a court case was field. According to sources, it related to claims of assigned land

SATELITE TOWN SHIP

The project has been envisaged as a satellite township catering to the emerging IT sector as well as capitalizing on the desire of vizagites to own an apartment in their own city, besides meeting the growing demand for housing.

It was expected that the project would spur growth in the vicinity. Also it would have made available two three bed-room apartments to people and minimize their travel to workplace’’ says an official VUDA get as its share about 11Lakhs sq.ft or anywhere between 700 to 800 apartments for making as a part of the agreement.

 

Sources say the delay has nothing to do with the ups and downs in the real estate sector. .

The private party is committed to the development of the land but for the court case. It is hoped that once the court case is cleared it would be taken up right in earnest.

General Impression

The impression that has been gaining ground is that the hype over the reality sector has not matched actual development on the outskirts.

Once big project perhaps will create an ideal atmosphere for growth.

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