Visakhapatnam Urban Development Authority (Vuda) will develop an iconic tower as part of its 20-acre IT City project in Madhurawada area. The tower will likely have a built-up area of about 5.5 lakh square feet.
As per the preliminary proposals, Vuda will develop a built-up area of 30 lakh square feet, comprising commercial and recreational space. The IT City will have a parking area of 1.37 lakh square feet. Apart from this the IT city will get several blocks for other supporting social infrastructure, including malls, hotels, multiplex, etc. Vuda has come up with a few preliminary designs for the project. It has proposed to develop three residential blocks as well.
Speaking to media persons here at the Vuda office on Monday, Vuda vice-chairman P Basanth Kumar said that they will review the progress of the project every Friday and further spoke about the details of the project.
According to Basanth Kumar, Vuda inked an Memorandum of Understanding (MoU) with the state regarding the project during the recently concluded Partnership Summit 2018. The project will be developed under the public-private partnership (PPP) model. “We will constitute a special purpose vehicle (SPV) for the project,” said Basanth Kumar.
Vuda will take advantage of its 20-acre prime land in Madhurawada area to raise funds for the project. According to IT industry insiders, the IT city project will be a boon to the IT sector of the city as many IT multinational companies have been looking forward to set up their base in Visakhapatnam. According to Vuda officials, about 40 IT companies have shown their interest in acquiring space at the IT city project.