VMRDA to Launch Twin Gated Housing Projects
The Visakhapatnam Metropolitan Region Development Authority (VMRDA) will develop two gated community housing projects at Mithilapuri Colony and Vepagunta under the Public-Private Partnership (PPP) model to provide affordable homes with modern amenities.
The foundation stone for the Mithilapuri Colony project has already been laid, while the Vepagunta project is expected to be launched shortly. Construction of both projects is likely to begin within the next two months.
The initiative marks VMRDA’s return to residential development after nearly 15 years. Conceived as integrated townships, the projects are intended to support the State government’s vision of planned urban growth and enhanced housing infrastructure in the Visakha Economic Region.
Under the PPP model, VMRDA will provide the land, and a private developer will execute the projects. The Mithilapuri Colony project will be developed on 2.78 acres, and the Vepagunta project on 0.63 acres. The initial proposal includes around 270 apartments at Mithilapuri Colony and 50 apartments at Vepagunta, with the number of units subject to statutory approvals.
The projects are estimated to cost ₹124 crore. Under the revenue-sharing arrangement, the developer will retain 70% of the constructed area, while VMRDA will receive the remaining 30%. The authority plans to auction its share of the apartments at affordable prices.
The developments will offer a mix of two-bedroom and three-bedroom apartments ranging from 800 sq. ft. to 1,400 sq. ft. Selected three-bedroom units will include a dedicated work-from-home room to meet the growing demand for remote working. The gated communities will also feature a clubhouse, gymnasium, landscaped gardens, children’s play areas, and other recreational facilities.
VMRDA Chairman Pranav Gopal said the authority aims to complete both projects within three years. He said the projects are the first residential developments undertaken by VMRDA in nearly 15 years and form part of the State government’s efforts to accelerate housing development in the Visakha Economic Region.
Mr. Gopal said the apartments allotted to VMRDA under the revenue-sharing model would be offered to the public at affordable prices to make quality housing accessible to a wider section of homebuyers.