To elevate Visakhapatnam’s standing on the national stage, the state government is formulating a strategic plan to further boost the city’s profile. According to a report by Eenadu, plans are underway to take the State to the next level by developing a state-of-the-art Fintech City in Madhurawada, Visakhapatnam.
The proposed project is set to span 80 to 100 acres, and preliminary groundwork has already been completed. The vision is to attract investments worth Rs 12,000 crore. Experts anticipate that this ambitious venture will redefine not only Visakhapatnam’s financial landscape but also the state’s.
Fintech City aims to establish a centralised ecosystem for companies in banking, financial services, insurance (BFSI), and related sectors. It will feature international-standard infrastructure and cutting-edge facilities designed to support these industries. By bridging the gap between financial services and the general public, Fintech City also promises to uplift standards of living.
A similar model launched two years ago in Nandambakkam, Tamil Nadu, spans 56 acres and aims to generate 1.5 lakh jobs with the same investment outlay. Now, Andhra Pradesh is taking its first steps in this direction with the establishment of Fintech City in Madhurawada, Visakhapatnam.
The government is examining available land in Madhurawada, with around 80 acres identified in Kommadi by the Visakhapatnam Metropolitan Region Development Authority (VMRDA). The project will follow a Public Private Partnership (PPP) model. Selected developers will be allotted land, tasked with providing infrastructure, and granted rights to develop residential and commercial spaces, including luxury hotels and IT hubs.
The government’s share of the developed land will be allocated to BFSI, IT, and BPO firms under the PPP framework. A consultancy is currently evaluating the project blueprint, and tenders for developers will be issued shortly.
To gauge corporate interest, the government is organizing road shows and exhibitions in key cities such as Mumbai, Bangalore, Delhi, and Chennai.
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