200 IT players keen to set up units in Madhuravada

Visakhapatnam: Over 200 private players, including  top information technology giants of the country, showing their interest in Visakhapatnam Metropolitan Region Development Authority’s (VMRDA) proposed Information Technology City (IT City) coming up near  Madhuravada.

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 and theaters) and residential space which include apartment complexes and premium villas.

VMRDA has inked a MoU with the state government during the partnership summit held this year in Visakhapatnam to facilitate the project, which will cater all the needs of the residents in Madhurawada areas.

Before launching the project, the VMRDA has proposed a special purpose vehicle (SPV) for it. The VMRDA insisted on the SPV as it would limit their accountability in the project and more distantly insulate them from the endless claims.

The state government has given its nod for SPV recently. The VMRDA also sought 100 per cent rental guarantee from the government for the project, the proposal which was thrice turned down by the government. Consequently, the VMRDA decided to take 100 per cent investment from the private partner for the project.