IT City Project in Vizag to have an iconic tower

Visakha Urban Development Authority (VUDA) will be developing an iconic tower as a part of its 20-acre IT city project in Madhurawada of Visakhapatnam, it has been reported

VUDA vice-chairman P Basanth Kumar, while addressing the media persons on Monday, said the progress of the project will be reviewed every Friday. He further said that VUDA signed an MoU with the state during the recently concluded CII Partnership Summit and informed that the project will be progressing in a Private Public Partnership (PPP) model.

The preliminary proposals suggest that VUDA will develop a built-up area of 30 lakh square feet. In addition to a 1.37 lakh square feet parking area, the IT city project is also deemed to have other facilities such as malls, hotels, multiplex, etc. VUDA has also proposed to develop three residential blocks in the area.

Visakhapatnam being developed as an IT hub

The IT city 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.

The city’s Fintech valley, which is approaching completion, will be housing several technology firms that would facilitate in making Visakhapatnam smarter.

Recognising the efforts being made in regard to the same, the World Economic Forum has recently come out hailing Andhra Pradesh and Vizag for the smart and disruptive utilization of blockchain.

News Credits- Times of India