More than 200 private players, along with top information technology giants of the country, have evinced interest in the VMRDA – Vishakapatnam Metropolitan Region Development Authority’s proposed Information Technology City (IT City).
Project in Madhurawada.
A total of 22 lakh square feet built-up area will be generated in this project, along with an iconic IT tower and IT space, commercial and social space ( star hotels, malls, clubhouses, theatres, etc.) and residential space
(apartment complexes and premium villas).
Anyhow, before launching the project the VMRDA has been treading carefully, which would bring the chance for them. Despite the first opposition beside their proposal of floating an (SPV) special purpose vehicle for this project, the VMRDA insisted on the SPV, which would limit their accountability in the project and more distant insulate them from the endless claims.
SPV proposal now approved by the state government. The VMRDA also draw attention on 100 percent rental guarantee from the government for the project, through the proposal was refuse to agree twice earlier. Consequently, the VMRDA decided to take 100 percent investment from the private partner for the project.
VERDA Metropolitan Commissioner P Basanth Kumar expressed they are expecting a government order to float an SPV for the IT City project in the next week or so. VMRDA has linked a (MoU) with the state government a period of time the partnership summit 2018 in Vishakapatnam to facilitate the project, which will wontedly cater to the needs of denizens in Madhurawada and its near places.