The port city of Visakhapatnam is on a roll. It has everything going for it — two SEZs, acres of residential and commercial developments, expansion plans of National Thermal Power Corporation (NTPC), a new private port at nearby Gangavaram and the coming in of IT majors like Satyam, Wipro, Kenexa etc to set up facilities in the city.
A feather in its cap is the recent auction by the Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC), in which was struck the single largest land deal in the country. The deal saw Delhi-based realty major, Unitech Ltd, buying a 1,750-acre plot on the outskirts of Visakhapatnam for Rs 3,328 crore.
Taking a cue from this deal, the Visakhapatnam Urban Development Authority (VUDA) announced the auction of land plots measuring approximately 100 acres in Madhurawada and Paradesipalem, 12 kms from the city, and close to the two IT SEZs and other developments.
"Vizag today has tremendous growth potential. With various industries locating themselves in the port city, the scope is only going to grow further in the near future. It is a safe and just city for investment and offers many opportunities for real estate development," says Venkatram Reddy, Vice-Chairman, VUDA.