Private landowners, Vuda join hands to develop housing layout

The Visakhapatnam Urban Development Authority (Vuda), in association with private players, is developing a mega housing layout on about 350 acres at Paradesipalem near Visakhapatnam.

"Vuda is spending over Rs 60 crore to develop this layout. Once this is ready, we expect these plots to fetch more than Rs 300 crore," PSN Raja, chairman, Vuda, told Business Standard.

In response to the land pool programme announced by Vuda, several private landowners had come forward for the development of the mega housing layout, and so far 80 acres of private land has formed part of this venture.

"Vuda has 130 acres while the government has more than 120 acres. We expect another 20-30 acres of private land for the layout," he said. Vuda will create facilities like roads, drainages, electricity, and greenery in the layout. Private owners would get 1,800 square yards of developed plots for each contributed acre, he added.

The development authority has already allotted 45 acres of land in the layout to private builders for housing development. Of the total area, 80 per cent would be sold as housing plots and this is expected to be ready for occupation in one-and-a-half-year, Raja said.