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Signature Tower shelved?
The dream project of Chief Minister N Chandrababu Naidu Signature Tower seems to be as good as shelved. The project planned at a cost of Rs 300 crore under build-operate-transfer scheme was proposed on 21.6 acres of land on the Hill No 3 of the Madhurawada IT SEZ to create 10 lakh square feet work space for the IT industry.
Visakhapatnam: The dream project of Chief Minister N Chandrababu Naidu Signature Tower seems to be as good as shelved. The project planned at a cost of Rs 300 crore under build-operate-transfer scheme was proposed on 21.6 acres of land on the Hill No 3 of the Madhurawada IT SEZ to create 10 lakh square feet work space for the IT industry.
The State Government selected Jones Lang LaSalle Property Consultants (India) Private Limited (JLL), as consultant to finalise the conceptual design, revenue model and also identify the joint venture development partner. The APIIC proposed development in 17.98 acres and envisaged in two phases.
The phase one was to be in 8 acres and phase two in 9.98 acres. Though the Chief Minister announced several dates for laying foundation since he conceptualised the project, there has been no progress till date. Industry sources indicate that high-rental rates proposed by the APIIC and lack of prospects in a Tier II city like Vizag has failed to attract the investors.
