Visakhapatnam is becoming the fastest growing IT hub in the state. This is evidenced by the recent huge investment of Rs. 2,172 crore by leading construction company Raheja Corporation. The company has expressed interest in building commercial and residential complexes required by IT companies. It has requested the government to allocate 27.10 acres of land in Madhurawada IT Hill No. 3 for this project.
According to the proposal submitted by Raheja Corporation, the implementation of this project will provide employment to about 9,681 people. After the completion of the project, the infrastructure in the IT sector in Visakhapatnam will further expand. Recently, the government has given permission to Google to set up a 1,000-megawatt AI-based data center in Visakhapatnam.
Due to this, many IT and IT-based companies from all over the world are looking at Visakhapatnam as their next destination. New companies will need commercial space. Currently, about 6 lakh square feet of space in Millennium Towers 1 and 2 has already been allocated to leading companies like TCS, Cognizant and Accenture. In this context, new companies will need more office spaces and residential facilities.
Raheja will implement this project in two phases. In the first phase, the commercial buildings will be completed by 2028 and the residential complexes by 2030. It has been said that Rs. 663.42 crore will be spent in this phase. This will make 9.59 lakh square feet of area available. In the second phase, the construction of commercial space will be completed by 2031 and the residential complexes by 2035. It will spend Rs. 1,418.84 crore in this phase.
This will make 19.06 lakh square feet of buildings available. The entire project will cover an area of about 28.65 lakh sq ft when completed. The IT sector in Visakhapatnam has been growing rapidly in the last few years. Now, with companies like Google Data Center and Raheja coming in with investments, industry sources believe that the city will soon emerge as a leading tech city in South India.
The project will not only be about building construction, but will also develop into an integrated tech town that will provide the necessary infrastructure for IT professionals, startups and multinational companies.