VUDA (Visakhapatnam Urban Development Authority) have a proposal to develop an Information Technology City in its 20-acre land at Madhurawada.
Visakhapatnam Urban Development Authority inked a MOU (memorandum of understanding) with the state government during the recently-concluded CII-Partnership Summit 2018 to make easy the project. Put forward for consideration by others to be developed under the PPP (public-private partnership) model, VUDA a part of a whole a SPV (special purpose vehicle) to execute the IT City project.
Andhra Pradesh Urban Infrastructure Asset Management Ltd (APUIAML), a joint venture between the state government and IL&FS, will handhold Vuda throughout the entire trajectory of the project.
VUDA official calculate that there is a ready demand for around 5 lakh square feet IT space, the state government regard as probable that the demand will be beyond 1 million sq ft.
P Basanth Kumar expressed their main focus will be on creating a major institutional area as part of the project. “It will also get assist social infrastructure to include hotels, multiplexes and malls.
APUIAML will handhold Vuda from SPV creation and project formulation to tender documentation, construction management and related activities,” Basanth Kumar expressed.
He expressed that the SPV constitution may take few more weeks, including seeking the acceptance of the Vuda board. A part from that initial equity, Vuda will leverage land monetization to improve funds for the project, and will also have 100 per cent shareholding in the SPV. We will start the project with one IT tower to an instrument that measures and gives a visual display the demand and we will proceed from there based on the outcome.
The land able to be used for the project is sufficient to create more than 2 million square feet built-up area in the future, if the need arises,” Basanth Kumar expressed.
Regarding to the Vuda vice-chairman, about 40 IT companies have already indicate interest to take up space in the project. “The MoU is aimed at timely fulfillment of the project with the support of the state government. Give assistance to social infrastructure proposed as part of the IT City project will also be more helpful to who are living in Madhurawada as well as residents of Vuda’s Harita project in the vicinity,” he expressed.