The State government, after examination of the proposal from technical committees, has accorded permission to the Visakhapatam Metropolitan Region Development Authority(VMRDA) to award the contract for construction of multi-level car parking and commercial complex at Siripuram Junction, to lowest bidder Vijay Nirman Company for ₹67.57 crore. The contract was awarded on engineering, procurement, construction and contract basis.
The project is planned to be completed within a period of 18 months from the date of signing of agreement with the contractor. The construction, quality and timely delivery of the project activities will be supervised by the APUIAML (Andhra Pradesh Urban Infrastructure Asset Management Ltd), the end-to-end project manager and transaction advisor for the project.
The project will be coming up on 1.35 acres of land owned by the VMRDA and the APUIAML had earlier prepared a Detailed Project Report(DPR) for ₹65.31 crore.
Earlier, in the open tender floated by the VMRDA, three firms were selected and all the three quoted over and above the DPR and ECV (estimated contract value) of ₹65.31 crore. The lowest among the bids was ₹68.25 core, which was 4.5 % above the ECV.
All the three firms were called for reverse auctioning and the lowest was ₹67.57 crore, which was 3.45% over the ECV.
As a result of this process, ₹68,25,342 was saved, said the VMRDA officials.
