Representatives of the Raheja group have concluded a ‘Build, Operate and Transfer’ (BOT) agreement for 17 acres of land close to the port hospital in Saligramapuram.
VISAKHAPATNAM: Visakhapatnam is about to enter the big leagues as the Raheja Group, a Mumbai-based real estate developer, plans to set up an Inorbit Mall here. The Raheja Group runs Inorbit Malls all over the country. The National Monetisation Pipeline (NMP) helped Visakhapatnam Port Authority, formerly Visakhapatnam Port Trust, generate more money for the project. Official sources claim that the port increased its earnings by Rs 300 crore in the most recent fiscal year. They used a section of the port trust land that was sitting fallow for years for this process.
The port’s deal with the Raheja Group under NMP allows for the development of an Inorbit Mall in the city. On a BOT basis for 30 years, members of the Raheja Group have agreed to purchase 17 acres of land next to the port hospital in Saligramapuram. Representatives have chosen the site in Saligramapuram, which is next to the national highway after they scouted multiple locations in the city.
They signed the lease agreement for Rs 125 crore with the port authorities based on the present market value of the land. As per the agreement, it will have to hand over the land along with the structures to the port after 30 years.
If the Raheja Group wishes to continue the agreement after the initial period of 30 years, there is scope for renewal. However, the Visakhapatnam Port Authority will consider this decision based on the land values at the time of the renewal.
The 17-acre stretch of land had port quarters. They destroyed the port quarters that were in terrible shape and levelled the site to prepare for the mall construction. The Raheja Group has applied for a land allocation in order to launch IT activities from the city. The senior vice-president of the Raheja group Mr Nanda Kumar had a meeting with Minister for IT Gudivada Amarnath On June 22 for the same.
Picture Credits: PTI
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