Visakhapatnam: More than 200 private players, including top information technology giants of the country, have evinced interest in the Visakhapatnam Metropolitan Region Development Authority’s proposed Information Technology City ( IT City ) project in Madhurawada.As per the concept master plan, total 22 lakh square feet built-up area will be created in this project, including an iconic IT tower and IT space, commercial and social space (malls, star hotels, theatres, club houses, etc.) and residential space (apartment complexes and premium villas).However, the VMRDA has been treading carefully before launching the project, which would bring fortune for them. Despite the initial opposition against their proposal of floating a special purpose vehicle (SPV) for this project, the VMRDA insisted on the SPV, which would limit their liability in the project and further insulate them from the unending claims. The state government has now approved the SPV proposal. The VMRDA also stressed on 100 per cent rental guarantee from the government for the project, though the proposal was rejected twice earlier. Consequently, the VMRDA decided to take 100 per cent investment from the private partner for the project.VMRDA Metropolitan Commissioner P Basanth Kumar said they are expecting a government order to float an SPV for the IT City project in the next week or so. VMRDA has inked a Memorandum of Understanding (MoU) with the state government during the Partnership Summit 2018 in Visakhapatnam to facilitate the project, which will expectedly cater to the needs of residents in Madhurawada and neighbouring areas.

Stay updated with all the Latest Visakhapatnam headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.