Raheja Group mulls`2,172 cr investment in IT, commercial towers in Vizag
The company is in advanced stage of completing construction of a work-class mall in city on land leased out by VPA
image for illustrative purpose
Visakhapatnam: After Google announced a $15 billion investment in a data center hub in Visakhapatnam in partnership with Adani Group and Airtel, Raheja Group has come forward with a Rs2,172-crore plan to develop IT and commercial towers.
K Raheja Corp is in the advanced stage of completing construction of a work-class mall in the city on land leased out by Visakhapatnam Port Authority (VPA).
K Raheja Group is establishing Inorbit Mall, said to be the largest with an estimated investment of Rs600 crore in an area of six lakh square feet. It is expected to be ready next year. This will be the first Inorbit Mall in Andhra Pradesh.
"Get ready Vizag! We are thrilled to announce an incredible journey that will redefine your shopping and leisure experience," Inorbit Mall stated on a social media posting before kick-starting work on the mega project.
After Google announcement, Raymond Group finalised two manufacturing projects with a combined investment of Rs1,000 crore. According to informed sources, Raheja Group which is in talks with the government for getting suitable land to build a Mindspace-type IT park, is interested to invest Rs2,172.26 crore in creating commercial and residential complexes for IT companies in Madhurawada IT Hill No. 3.
The area where an IT Special Economic Zone is located and sites have been allotted to TCS and Cognizant to develop their permanent campuses, is being projected to become Cyberabad of Andhra Pradesh. Rushikonda beach, the most sought-after place for tourists and locals for relaxation, is located in the vicinity. Sources said now Raheja Group is planning to develop infrastructure for IT and residential purposes in an area of 27.10 acres. It will develop 28.65 lakh sq. ft. of office space across two phases. The Phase 1 (2028–2030) will see an investigation of Rs663.42 crore for commercial and residential buildings. In the Phase 2 (2031–2035), the group will spend Rs1,418.84 crore for further expansion.
A senior official of the Industries and Commerce Department said it will generate employment for approximately 9,681 people.
