IT Sector To Boost in Proposed Executive Capital Visakhapatnam

IT Sector To Boost in Proposed Executive Capital Visakhapatnam

The IT sector has become one of India’s most robust industries. It is a driving force behind global economic growth, more than any other industry or economic dimension, with increased productivity, particularly within the developed cities. Owing to its unique identity, Visakhapatnam has set up its own benchmark in all sectors like roads, educational institutions, and IT Park.

Proposed Plans on Vizag IT Development

The Metropolitan Region Development Authority of Visakhapatnam (VMRDA) has begun to work in Madhurawada with renewed vigour on the planned IT City (Information Technology City) project. The urban development corporation recently started conversations to move the project forward with many private stakeholders.

Many technological giants in the country showed interest in the earlier ‘expression of interest’, published in 2018 for the project. The project submitted many specific proposals about all or separate components of the 22 acres IT city project.

However, the VMRDA has so far been carefully treading since the project comprises 22 acres of prime land in Madhurawada and major investment is required. In addition, the government of the former rejected twice the request for a 100 percent rental guarantee. The VMRDA had now re-envisioned its attention on the project in a time when the government was hinting to move the executive capital to Visakhapatnam.

Vizag IT Park Space and Layout Plans 

It is anticipated that the IT project will accelerate development in the north-east of the city, which will possibly contain power. According to the concept master plan, in a total of 22 lakhs square feet built-up area includes an iconic IT space & IT tower, commercial and social space for malls, star hotels, theatres, clubs and space for residential apartments and premium villas will be created in this project.

The project is built in a public-private partnership model with acceptable sharing arrangements in compliance with the preliminary plan. A joint partnership between AP State Government and Infrastructure Leasing & Financial Services (IL&FS) and Andhra Pradesh Urban Infrastructure Asset Management Ltd (APUIAML) is the asset manager.

In accordance with market demand, the project components will be introduced during the next three to five years. It is planned that all elements will continue with a significant emphasis on building Vizag IT hub and creating industrial, social and residential areas at once.

VMRDA President Dronamraju Srinivasa Rao told that the VMRDA is keen to develop the project. They have already informed the state government about the project. Metropolitan Commissioner P Koteswara Rao and other VMRDA officials are in discussions to various private actors about the initiative.

Although no progress has been made on the project during the last year, the VMRDA already has environmental clearance, and the construction of the roads to the site is almost completed. The scheme is also approved online. The upcoming executive capital is expected to boost Vizag IT Sez, and the real estate industry would be set to hike more in coming days for profitable returns. 

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By: Shailaja K