Realestate News

IT Millennium Tower to be completed by June 2017

Visakhapatnam: Aiming at creating more built-up space for the IT sector, construction work on the IT Millennium Tower at Rushikonda IT Hill has finally commenced.

According to sources at the Andhra Pradesh Industrial Infrastructure Corporation (APIIC), the IT Millennium Tower will be completed in about 15 months and will have a total built up area of 3 lakh sft.

“The work on the IT Millennium Tower has started and we want to finish it in less than one and half years. In the first phase, the construction will be on 2 lakh sft and subsequently another 1 lakh sft will be added,” said an APIIC official. He said, “The building will have ground plus four floors making it a five-storeyed building.”

According to sources, around Rs 80 crore has been sanctioned for the project from the state government and the total plot is spread over an area of around four acres close to the existing Sunrise Startups building on Hill Number three of the Rushikonda IT Hills

The existing Sunrise Startups building also on Hill Number three has a built-up area of around 50,000 sft and was constructed at a cost of Rs 23 crore. Incidentally, the state government’s plan for construction of a Signature Tower with a built-up area of nearly 10 lakh sft is yet to take off.

“Even though the Signature Tower project hasn’t taken off as planned, the Millenium Tower is a welcome development,” opined the managing director of an IT firm in the city. However, he said, “Apart from the physical infrastructure, we also need to aggressively promote Vizag as an IT destination. Unless we have some good multinational companies coming here, it would be difficult to witness a higher growth as being planned by the state government.”

“Several startup incubators are now planning to set up base in Vizag and the existing Sunrise Startups building is not sufficient if we want to really have a vibrant startup culture in the city,” said an IT entrepreneur from the city.

He said, “In order to encourage startups, we need to have more plug and play facilities at an affordable price. With the physical infrastructure in place, it will also give a confidence to IT companies as well as startups to come to Vizag.” However, he said, “The government needs to make sure that project is completed on time. The Sunrise Startups building had been delayed by the previous government and that should not be repeated in this case.”