VUDA on Friday signed a development and management agreement with Ambica Enterprises and Ventures Private Limited for a multi-use commercial complex at K.L. Rao Nagar at Gajuwaka.
VUDA secretary A. Srinivas and managing director of the company Ambica Prasad signed the agreement in the presence of VUDA Vice-Chairman P. Basanth Kumar. Raja and Ramachandra Rao of the company were present.
The project, estimated to cost up to ₹ 50 crore, will come up on 5253.33 square yards of land, on a 33-year lease agreement. The developer will have to pay an annual land lease of ₹35 lakh. Besides, additional development premium of ₹12 lakh per annum of 3 % of the gross revenue whichever is higher from the fourth year onwards has to be paid.
The project comprises shopping mall, restaurants/food courts with entertainment zone, banquet/conference halls, multiplex, and 2/3 levels of parking in cellar and sub-cellar.
It will have centrally-air-conditioned buildings with provision of air-conditioning to all shops, glass elevators, high-speed lifts and large-goods elevators, among other modern commercial amenities.
