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Visakhapatnam civic body prepares for handing over TIDCO housing units, Real Estate News, Realty Beat

Visakhapatnam civic body prepares for handing over TIDCO housing units, Real Estate News, ET RealEstate
VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) is making preparations to distribute the nearly 4,050 housing units that have been constructed by the Andhra Pradesh Township and Infrastructure Development Corporation (APTIDCO) in the first phase. The distribution is likely to begin in the next few weeks.

About 56,000 housing units were sanctioned to Vizag city under the ‘affordable housing in partnership category’ of PMAY. But nearly four years after Vizag city got these housing units, it has still remained a work-in-progress as construction works on only half of the sanctioned units have been launched.

The state government recently directed officials to initiate APTIDCO housing allocation. Nearly 24,000 TIDCO housing units, measuring 300 square feet, 365 square feet and 430 square feet, are under construction in various parts of Visakhapatnam district. The 300 square feet housing units will be given to beneficiaries for just one rupee.

While 22,936 houses are being constructed in the suburbs, 1,256 houses are coming up in various slums in the city. These include 5,776 units measuring 300 square feet each, 5,200 units spread in 365 square feet each, and 13,216 units that are built on 430 square feet space each.

Of the 4,050 housing units being readied for the first phase of the distribution, 1,856 units measure 300 square feet each. This means that these 1,856 units will be allotted to the beneficiaries at one rupee. Banks have been roped in to extend loans to the beneficiaries of 365 and 430 square feet flats.

In all, the GVMC received about 3.4 lakh applications for the housing project. After thorough scrutiny, the GVMC identified about 2.4 lakh people as the eligible beneficiaries. The remaining beneficiaries have got one-cent plots in YSR Jagananna Colonies.

Finding suitable land pockets for the mega project had delayed the APTIDCO housing project in the initial days. The sand scarcity also affected the progress. Noted construction companies have bagged the tenders for construction of these housing units.


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