VMRDA to Lease Properties Through Open Auction in Visakhapatnam

The Visakhapatnam Metropolitan Region Development Authority (VMRDA) has revealed plans to lease out its shops, office spaces, auditoriums, and vacant plots through an open public auction and tender. Interested parties can obtain details at the Siripuram office. The deadline for applications is 6 March, and the public auction is scheduled to take place at the VMRDA Children’s Arena, Visakhapatnam, on 7 March 2024, at 11 am.

VMRDA is set to auction multiple bulk land parcels and vacant plots across Madhurawada, Visakhapatnam, and Vizianagaram districts. The auctions, scheduled for March, include six bulk land parcels in Madhurawada on  6 March, with an upset (reserve) price of Rs 67,500 per square yard.

On 7 March, VMRDA will auction 31 vacant plots in various locations including Kapuluppada, Kurmannapalem, Peda Gantyada, and Marripalem. The upset prices range from Rs 23,100 to Rs 55,000 per square yard, depending on the locality.

Additional auctions for plots in specific layouts like Simhapuri and Kanapaka Ayyannapeta in Vizianagaram are also planned, with the respective base prices set at Rs 32,000 and Rs 20,000 per square yard.

More auctions are also scheduled for 13 and 14 March, featuring more plots in locations such as KL Rao Nagar, Peda Gantyada, Rushikonda, Cyber Valley, and Kurmannapalem. These auctions provide an opportunity to assess market sentiments and potentially influence real estate prices in adjacent areas.

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