For the proposed IT City by the Visakhapatnam Metropolitan Region Development Authority (VMRDA), over 200 IT Companies are keen to establish their divisions.
The project would be comprising an iconic tower, IT, commercial and social space which include star hotels, malls, clubhouses, and theatres. Also, residential space including apartment complexes and premium villas would be established. The whole project would require 22 Lakh square feet.
The IT city would be established by VMRDA in collaboration with Andhra Pradesh Urban Infrastructure Asset Management Limited (APUIAML) as a joint venture.
VMRDA signed a MoU with the state during the CII Partnership Summit and informed that the project will be progressing in a Private Public Partnership (PPP) model. It has also sought for a 100% rental guarantee since the government has turned down the project three times already.
The project would prove to be another asset to Visakhapatnam, the experts feel. Visakhapatnam has been deemed to emerge as the IT hub of Andhra Pradesh. The state government has inked pacts with multiple firms to equip the city with an ecosystem that promotes new age technologies like blockchain among others.
Also, the city’s Fintech valley, which is approaching completion, will be housing several technology firms that would facilitate in making Visakhapatnam smarter.