The Andhra Pradesh Electronics and IT Agency (Apeita), an autonomous body formed by the government as an empowered mission for electronics and IT promotion, is flooded with enquiries on space allotment as work is progressing at a brisk pace on construction of a superstructure Millennium Tower.
Of the three two-floor basement plus seven floor blocks, two will be ready by October with a total built-up area of 100,000 sq.ft. The A.P. Industrial Infrastructure Corporation has entrusted the job of construction of ‘warm shell’ blocks with AC, electrical fittings and other basic amenities through a private firm on Hill No. 3 of Rushikonda, also called Cyber Valley of Visakhapatnam.
The third block with a built-up area of 100,000 sq.ft. is expected to be operational by year-end. The total investment on construction (excluding four acres of land) is estimated at ₹180 crore. “We are getting innumerable enquiries daily on space allotment to plug and play operators as well as big companies. The process will start only after the blocks are ready for occupation,” Apeita CEO V. Srinivas Moorty told The Hindu on Monday.
The Millennium Tower is coming up close to the Sunrise Incubation Hub (erstwhile Sunrise Startup Village). Similar blocks are also proposed by allotting part of the site earmarked for Signature Tower in the same area to a handful of big ticket projects. The government dedicated a building by taking a private property on rent as the Fintech Tower at Rushikonda as part of efforts to showcase Visakhapatnam as a Fintech Valley.
Once operational, the Millennium Tower is expected to convert the Cyber Valley into a happening place by providing employment to 5,000 to 6,000 IT professionals and support staff in various companies.
Visakhapatnam, known for its cosmopolitan culture and as the largest city with multi-sector industrial base, has a turnover of ₹2,000 crore from IT and IT enabled services. Most of the income is from the business process management sector as the city still lacks a comprehensive ecosystem to become a home for software development companies. For want of space, mostly to start-ups, first generation entrepreneurs and SMEs, Apeita has taken buildings on lease from VUDA at Seethammadhara, Tech Mahindra near Satyam Centre and shopping mall on VIP Road.
