VISAKHAPATNAM: Vizag is set to join the big league as Mumbai-based Raheja Group, which operates Inorbit Malls across the country, has now set its eyes on the city. Visakhapatnam Port Authority, formerly Visakhapatnam Port Trust, has been achieving additional revenue under the National Monetisation Pipeline.
According to official sources, the port earned an additional revenue of Rs 300 crore in the last fiscal by utilising a vast chunk of its lands, which have been lying idle for the last several years. Now with the port reaching an agreement with Raheja group under the NMP, Inorbit Mall will have its footprint in the city.
Raheja group representatives have reached an agreement for 17 acres of land near port hospital in Saligramapuram on BOT (build, operate and transfer) basis for 30 years. Representatives who visited several places in the city, have zeroed in on the site in Saligramapuram, which is very close to the national highway.
They inked the lease agreement for Rs 125 crore with the port authorities on the basis of 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.
Then the agreement will have to be renewed afresh if it is willing to continue and it will be given priority. However, the prices will be fixed as per the prevailing rates of land at that time. Port quarters which were in dilapidated condition in 17 acres stretch of land were demolished. The land is being levelled so that work on the mall will soon begin.
Raheja group which has plans to start IT operations from the city, has sought allotment of land. Rajeja senior vice-president Nanda Kumar met Minister for IT Gudivada Amarnath on June 22.