July 27, 2021

VIGYANAGAR, Vizags: A $20 billion, high-rise complex in Viggans neighborhood is a rare project for a city in the Northeast and a rarity in India. 

But it’s not just about the money.

The developers are trying to break into the market, the city and the nation, and this time, with an eye on the next generation. 

Vigyanagar was created by the Vigya family, who have been building luxury homes in Vili, a suburb of Vizag.

The new project is a joint venture between the city, the Vili Municipal Corporation (VMC) and the private firm ICA. 

The project, which is being funded with a $2 billion grant from the Indian government, aims to transform Vigganagar, one of the poorest parts of the city.

The project is meant to attract young professionals and bring some new life to the area. 

It is estimated that the total development cost is between $3.3 billion and $4 billion. 

A few months ago, a group of investors including a couple of real estate firms, approached the city to offer to finance the development. 

On May 2, the group signed a memorandum of understanding with VMC to work on the project. 

“It was decided that the project should be financed by the government,” said VMC’s deputy director General Muthu Prasad.

“There are some hurdles. 

First of all, the land is already under the control of the government. 

We need to obtain permission from the land owner and land rights holders to develop on the land. 

Secondly, there are legal hurdles.

We have to prove that the land belongs to the government, and we need a certificate from the government to do so.” 

While the city is working to raise money, the project has been in the works for a few months.

The developer has been working on the site for about six months now, with help from ICA, a Mumbai-based real estate investment company that has a stake in the project as well. 

After securing government support for the project, ICA set up a special committee that will be looking into the viability of the project and work out a strategy to get the land cleared for development.

The committee is composed of ICA chairman Anurag Pal, the chairman of IACV, who is a close friend of ICCV Chairman Pankaj Joshi, and the city’s director of public works P.V. Srinivasan. 

Pal is also the president of the ICA board of directors, and Pal is a former chairperson of the VCCV. 

ICA chairman Pal has also played a key role in the planning of the projects. 

During his tenure as the chairman, the company has spent a lot of time and money to build its brand.

Pal has a portfolio of projects that includes the VMC-sponsored Vibrant City and the Kannur-Bihar Metro, among others. 

At the time of the signing of the memorandum of agreement, Pal was in the midst of a business trip to India, where he visited India’s largest port city of Chennai, and also met Prime Minister Narendra Modi. 

When contacted, IACVP Prasum Yadav, a member of the committee, said, “Pal and I are in touch with the government about the feasibility of the land and the proposal of the scheme. 

He has also been in touch about the plans of the private company.”

The project has not yet been approved by the local civic body, the Planning Commission of Viggakhar, but the city has expressed interest in approving it. 

With the government backing the project in the current climate, there will be an opportunity to show that the city can handle the infrastructure needs and has the necessary land for development, Pal said. 

In a city where the average income per capita is around $30,000, the proposed project is the latest in a long line of projects to attract private investment. 

This is not a unique project.

According to the 2015 census, around 4.5 million people live in Vibranagar.

In 2010, the area was home to just over 500,000 people.

The average daily population in the city was just under 1,000. 

Construction is scheduled to begin in 2019 and will be completed in 2027. 

As a project in itself, the development is unlikely to change much for Viggagar, which has been under threat from crime for decades. 

However, the government is working on plans to boost the area’s crime rate. 

For now, the City of Vigyans is committed to building a better future for the city residents.

“The government has made it clear that Vigyonagar is a city of pride and a symbol of the nation

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