ANDHRA PRADESH: Raheja Group to Invest ₹2,172 Crore in Vizag
Major Investment in Visakhapatnam
K Raheja Corp, a prominent player in India’s construction sector, has announced plans to pour Rs 2,172.26 crore into Visakhapatnam.
This move targets the city’s growing IT landscape, focusing on commercial and residential spaces tailored for tech firms.
The company has approached the state government for 27.10 acres of land in Madhurawada’s IT Hill No. 3 to bring this vision to life.
If approved, the project could generate around 9,681 jobs, boosting local employment significantly.
Link to Google’s AI Initiative
This development aligns with Google’s recent commitment to establish an AI-powered data center in Visakhapatnam.
Officials anticipate a surge of IT companies following Google’s lead, heightening the demand for modern office facilities.
Already, the government has assigned about 600,000 square feet in Millennium Towers 1 and 2 to giants like TCS, Cognizant, and Accenture.
Raheja’s project aims to fill the gap for incoming businesses with a total built-up area of roughly 2.865 million square feet.
Phased Development Approach
Raheja plans to execute the project in two stages, ensuring steady progress and resource allocation.
- Phase One: Commercial structures wrap up by 2028, with residential units following by 2030. This segment carries a price tag of Rs 663.42 crore and will deliver 959,000 square feet of space.
- Phase Two: Commercial buildings finish by 2031, and homes by 2035. Budgeted at Rs 1,418.84 crore, it will add another 1.906 million square feet to the mix.
Economic Implications
Such investments signal Visakhapatnam’s rise as a key tech hub in Andhra Pradesh.
With Google’s data center acting as a magnet, the region could see enhanced infrastructure and economic activity.
Local authorities view this as a step toward accommodating more tech players, potentially transforming the city’s skyline and job market in the coming years.