VUDA announces 20-acre iconic tower

Injecting a major booster to the commercial real estate sector of the area, the Visakhapatnam Urban Development Authority (Vuda) is all set to build an iconic tower as part of its 20-acre IT City project in Madhurawada area of the port city. The tower will likely have a built-up area of about 5.5 lakh square feet with a built-up area of 30 lakh square feet, comprising commercial and recreational space, among others. The IT City will have a parking area of 1.37 lakh square feet and there will be several blocks for other supporting social infrastructure, including malls, hotels, multiplex and so on. The authority has come up with a few preliminary designs for the project whereby it plans to develop three residential blocks as well, vice-chairman P Basanth Kumar said, adding that it will review the progress of the project every week. Vuda inked an Memorandum of Understanding (MoU) with the state regarding the project during the recently concluded Partnership Summit 2018 for the project being developed under the public-private partnership (PPP) model, he added.