The Greater Visakhapatnam Smart City Corporation Limited (GVSCCL), the special purpose vehicle established by the Greater Visakhapatnam Municipal Corporation to execute the Vizag smart city project, has issued an invitation from private entities to undertake commercial development on a prime 2.7-acre plot in the Asilmetta area.
The identified land holds significant potential for the construction of a commercial complex, mall, multiplex, hotel tower, and urban recreational center. The project presents an investment opportunity of approximately INR 265 Crore. The development is envisioned to be carried out either by a single developer or a consortium. Upon completion, the developer will share the project’s revenue with the GVSCCL.
The private party is required to execute the project based on the design, finance, build, operate, and transfer (DFBOT) model. The lease period, including the construction phase, will span 33 years. The GVSCCL will initiate a competitive bidding process to select the bidder for the project.
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