Commercial Sapce Properties & Buildings

Visakhapatnam Urban Development Authority is planning to construct IT city at Madhurawada, dist. Visakhapatnam, Andhra Pradesh. VUDA has entered into an Memorandum of Understanding (MoU) with the State Government in the recent partnership summit in February 2018. VUDA initially wants to create one tower with 5 lakh sq.ft. But not merely confining to IT, it plans to develop institutional space, with preference to IT, and supporting infrastructure like malls, hotels, multiplex etc in a total of 20 acres. Around 40 US IT companies were keen on conducting business and the US Association itself was showing interest. VUDA would monetize the land and the investment would come from the companies interested. The government had assured rental guarantee. The AP Urban Infrastructure and Asset Management, joint venture of the State Government and IL&FS, would hand-hold VUDA in project management. VUDA will set up an SPV for the purpose. The SPV would limit its liability to the extent of its equity. The process of approving board approval and other formalities would be completed in April 2018. [Info as of: Mar. `18]

India \ Andhra Pradesh