Visakhapatnam

VUDA to develop IT City at Madhurawada

Further adding to the efforts to create IT space, VUDA has entered into an MoU with the State government in the recent partnership summit to set up an IT City at Madhurawada.

VUDA initially wants to create one tower with five lakh sft. 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, according to VUDA Vice-chairman P. Basanth Kumar.

Around 40 US IT companies were keen on conducting business and the US Association itself was showing interest, he said.

Mr. Basanth Kumar said VUDA would monetise the land and the investment would come from the companies interested. The government had assured rental guarantee.

The AP Urban Infrastructure and Asset Management Limited, joint venture of the State government and IL&FS, would hand-hold VUDA in project management, Mr. Basanth Kumar told reporters here.

In the light of the Harita Housing project experience, to avoid any legal complications, 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 15 to 20 days, he said.

Harita notices

Mr. Basanth Kumar said VUDA would explore all options, including legal, to deal with the notices being served on it by buyers of flats in Harita housing project at Madurawada.

He said the apex court could be approached to stop issue of any notices by any forum until the case on the case in the Supreme Court on handing over the flat was decided upon.


Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Jun 11, 2021 7:36:31 PM | https://www.thehindu.com/news/cities/Visakhapatnam/vuda-to-develop-it-city-at-madhurawada/article22937525.ece

Next Story