A Chennai-based firm has been appointed as consultant for preparing a detailed project report and finalising conceptual design and bid process for the domain-specific innovation and incubation tower at Siripuram junction adjoining VUDA complex to promote IT and ITES. The project, under a joint development agreement signed on Thursday in the presence of Union Minister for Communications Ravi Shankar Prasad, Union Urban Development Minister M. Venkaiah Naidu, and Chief Minister N. Chandrababu Naidu, will be operational in 18 months.
Padgro and HDFC Reality Consultancy, Chennai, will be paid a total amount of Rs.43.32 lakh as consultation fee. As per the agreement, VUDA will give 2,783 sq. metres on 66-year lease to STPI. In all, an area of 97,912 sq. ft. of built-up area will be created by building eight floors and three basements up to a height of 27 metres.
A senior official told The Hindu that STPI would build the super-structure and VUDA’s equity would be the value of the site worth Rs.16.7 crore. STPI, an autonomous body under the Ministry of Communications and IT, would invest Rs. 46 crore. The built-up space would be allotted to IT companies with specialisation in marine, energy, and petroleum sectors.