Visakhapatnam Port Trust looking to lease land for commercial development

Visakhapatnam Port Trust’s (VPT) plan to lease some of its land in the port city is waiting for a new policy by the Union ministry of shipping on how to use its surplus land in the city. VPT owns 7,618 acres of land in and around Visakhapatnam, including over 100 acres in the city centre. This includes 62 acres in the Saligramapuram neighbourhood and 7 acres in Harbour Park, overlooking the Bay of Bengal. Harbour Park also houses the top official of the port. “While we have been waiting for approval from the Greater Visakhapatnam Municipal Corp to rezone our the land in the city for commercial development under the Public Private Partnership model, the Union shipping ministry is working on a policy that will allow the major ports to monetise their land. We are yet to receive the approval from GVMC, though the permission was sought earlier this year,” a senior VPT official said on Monday.