In its first foray into providing space for IT companies, the Visakhapatnam Urban Development Authority (VUDA) will house them at its new commercial complex at Sitammadhara.
"Of the 12 showroom spaces it has in the complex eight on the second and third floors will be leased out to the IT companies on ‘plug-in basis’ and VUDA is equipping with necessary infrastructure,” VUDA Vice-Chairman T. Baburao Naidu told The Hindu .
It also complies with the government policy that space should be provided to IT companies in the heart of the city. The companies to which the floors are leased out have been decided by the State IT Department, it is learnt. The companies will have a total of 19,500 sft space exclusively on the two floors.
The shopping complex is scheduled for inauguration by Chief Minister N. Chandrababu Naidu during his day-long visit to the city on Saturday. The new complex is a vast improvement from the old one with increase in floors, total space and revenue expected. The old complex had no parking. But in the new one with a total built up area of 48,000 sft, parking is provided in cellar and sub-cellar. Located on the main road near the Rythu Bazar and other shopping complexes, parking is of significance for the building of that proportion and to smooth traffic flow. The building on an area of 2527 square yards in a G+3 structure, constructed with Rs.8.37 crore, has considerably increased the built-up space from the earlier 5000 to 6000 sft. While the old complex has 31 shops, the new one has room for 33 shops and 12 showrooms.
The annual revenue from the new building is projected at Rs.2.75 crore. Earlier, it accounted for about Rs.80,000 to Rs.1 lakh a month.
The old complex had been demolished in 2011 and construction began in 2013.
Though VUDA’s shopping complex at MVP Colony has also been completed and ready for inauguration the opening was deferred.
