AP to develop IT city in Madhurwada

AP to develop IT city in Madhurwada

0
Comments Off on AP to develop IT city in Madhurwada

Having lost Hyderabad, one of the largest IT hubs of India, to Telangana upon the bifurcation of the state, now Andhra Pradesh wants to start from scratch to create another IT hub in South India, near Vizag. The state government is planning to develop an IT city in Madhurwada near Visakhapatnam under the Joint Development model or the Public Private Partnership (PPP) model with appropriate sharing mechanisms. Proposed IT city will be developed on 22.19 acres of land owned by Visakhapatnam Urban Development Authority (VUDA). Madhurawada is located just 20-km from Visakhapatnam city centre. The plan is to develop self-sustaining IT City/eco-system with IT offices, residential complexes, commercial, recreational, hospitality & social infrastructure.

The proposed IT city will have 2.2 million sq.ft. of built up area consisting of 1.2 million sq. ft. of iconic IT Tower, 0.7 million sq. ft. of commercial and social space like malls, Club Houses, Hotels, Theatres, Shopping centres etc. and 0.3 million sq. ft. of residential space. Concept master plan has already been prepared and VUDA is in the process of setting up a Special Purpose Vehicle under the Company’s Act 2013 to oversee the development of the project and to liaison with developers, investors and customers.

The project components are planned to be implemented over a period of 3-5 years based on market demand. All the components are expected to be started together with focus on development of IT space and creating the commercial, social and residential spaces to bring vibrancy to the region and ensure its continued growth.

VUDA is expecting large number of globally renowned companies to participate in the bidding process which has already started.