GVMC eyes revenue by unlocking idle assets

Visakhapatnam: The Greater Visakhapatnam Municipal Corporation (GVMC) is exploring ways to generate additional revenue by unlocking the value of its idle land parcels and buildings. Properties along Beach Road, in Mudasarlova, and near the RTC Complex are among those identified. Until recently, a skill development institute run by an oil major operated from GVMC premises near Arilova.With IT firms eyeing Visakhapatnam for new offices, GVMC believes joint development initiatives can support urban growth while boosting revenue. To advance this plan, the Greater Visakhapatnam Smart City Corporation Limited has issued a request for proposal (RFP) to appoint a transaction advisory firm specialising in real estate, asset monetisation, and strategic structuring.Opposition parties Jana Sena and CPM have raised concerns about potential privatisation of municipal assets. GVMC counters that ownership will remain with the corporation, while mechanisms such as leasing, PPPs, and joint development will be used to create revenue streams.According to the RFP, the advisory firm will conduct physical and legal due diligence, verify land titles, assess development potential, and analyse risks. It will also undertake market research, prepare valuations, and design monetisation strategies with financial projections.Jana Sena leader P Murthy Yadav alleged that the RFP grants private firms excessive powers, eroding sovereign control over public assets. GVMC commissioner Ketan Garg clarified that the consultant will function purely in an advisory role, with final decisions resting solely with GVMC. "Given financial constraints, we aim to explore models that minimise capital expenditure. For instance, our slum redevelopment initiative is fully PPP-based, without burdening GVMC or the State. This project will follow a similar approach," he said.Garg added that each asset will be assessed individually, with proposals subject to approvals. "No project will proceed without sanction from competent authorities," he stressed.