Vizag IT Towers to Be Dropped?

Andhra Pradesh Chief Minister Chandrababu Naidu, the man behind Hyderabad’s IT fortunes has planned to come up with a 10-storeyed Signature Tower there. But then the project is yet to take off even after more than a year because of the high cost involved and fears of inability to get proper returns.

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The Signature Tower was to be constructed in two phases with an investment of 290 Crore and was planned to be executed in Public Private Partnership mode. 17.98 acres were earmarked for the project, eight acres will be allotted for the first phase. These towers will have support facilities for IT and ITES units such as hospitality,retail, and recreation.

The state government has called for global tenders for the project but the response is disappointing. The state government is in two minds about if it should go ahead with the project. Meanwhile, work on the Millennium IT Tower has begun. The building will have three lakh SFT space and will be ready by 2018.