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Visakhapatnam Urban Development Authority (VUDA) had inked a pact Ambica Enterprises and Ventures Private Limited for a commercial complex at Gajuwaka’s K.L Rao Nagar.
The project, estimated to cost around Rs 50 crore. will be spread over 5253.33 square yards of land, on a 33-year lease agreement. The developer will have to pay an annual land lease of ₹35 lakh. Besides, additional development premium of ₹12 lakh per annum of 3 % of the gross revenue whichever is higher from the fourth year onwards has to be paid, The Hindu reported.
It has been learned that the complex will be having hopping mall, restaurants/food courts with entertainment zone, banquet/conference halls, multiplex, and 2/3 levels of parking in cellar and sub-cellar.
In addition, it will also have centrally air-conditioned buildings. Glass elevators, high-speed lifts, and large-goods elevators would be among other modern commercial amenities to be equipped in the complex.
VUDA secretary A. Srinivas and managing director of the company Ambica Prasad signed the agreement in the presence of VUDA Vice-Chairman P. Basanth Kumar.
Earlier, Vice-President Venkaiah Naidu laid the foundation stone for the international convention centre being constructed in Visakhapatnam by UAE based LuLu group.
The story was published in The Hindu
This post was last modified on %s = human-readable time difference 6:13 pm
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