The Visakhapatnam Metropolitan Region Development Authority (VMRDA) is offering a 10% discount on the price of seven bulk land parcels that failed to sell at auction in September 2022. The auction is set to take place on May 11, and the deadline for applications is May 9. Buyers will have to bid above the upset price per square yard, and all the money involved in the transaction must be shown in white. The auction may affect private real estate ventures in the area and is expected to receive good interest.
The Visakhapatnam Metropolitan Region Development Authority (VMRDA) is making another attempt to sell bulk land through auction after its previous auction in September 2022 failed due to poor response from buyers. In an effort to increase interest in the auction, the VMRDA has decided to offer a 10% discount on the price of seven bulk land parcels that are up for sale. The upset price per square yard has been reduced from Rs 40,000 to Rs 36,000 for some bits in Madhurawada and from Rs 8,000 to Rs 7,200 for the bulk land pocket in Thummapala.
Although the plots are quite large, buyers will have to bid above the upset price per square yard and all the money involved in the transaction must be shown in white. The auction is set to take place on May 11 and applications will be accepted until May 9. Some prospective buyers are waiting for the formal shifting of the state's capital to Vizag, and the seven land parcels up for auction are located in different parts of the combined Visakhapatnam district, including Parawada, Anakapalli, and Vizag suburbs.
The VMRDA’s auctions generally attract good demand as these lands are believed to be litigation-free and the brand of VMRDA adds to the demand. Private real estate ventures in the area may also be affected by the auction, as the current public demand for plots in Vizag can be gauged from the sale of these government plots.
The VMRDA had previously been granted permission to divide bulk lands into smaller plots, but the decision to offer a discount on the price of the land parcels indicates a desire to sell the plots in their entirety. The chief minister of Andhra Pradesh, Y S Jagan Mohan Reddy, has recently announced that he will soon shift to Visakhapatnam, which may also increase interest in the auction.
In conclusion, the VMRDA's bulk land auction is an important event for the real estate market in Vizag. The government's decision to offer a 10% discount on the price of the seven land parcels up for auction may increase interest in the auction, especially as the plots are believed to be litigation-free. The auction may also affect private real estate ventures in the area, as the public demand for plots in Vizag can be gauged from the sale of these government plots. With the chief minister of Andhra Pradesh set to move to Visakhapatnam, it is possible that the auction will receive a good response from prospective buyers.
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