Visakhapatnam: The establishment of a new IT facility centre in Visakhapatnam is projected to generate 10,000 new jobs and significantly contribute to the city’s economic development. Currently, the IT sector in Visakhapatnam comprises over 200 companies, employing between 25,000 and 30,000 individuals.O Naresh Kumar, Vice President of the Rushikonda IT Park Association, remarked that this initiative represents a major leap for the IT ecosystem in both Visakhapatnam and Andhra Pradesh. He expressed anticipation for TCS’s official announcement regarding the launch date and commended government efforts to attract major players like Wipro, Infosys, and now TCS. He emphasized that TCS’ presence will particularly benefit women seeking local employment, as many families prefer not to have their daughters relocate for work. This development is expected to boost the local economy by increasing demand for housing, food services, retail, and more.Currently, around 25,000 employees are engaged in the ITES (Information Technology Enabled Services) sector in Visakhapatnam, which includes personnel from several software firms with over 1,000 seats in the area. The introduction of facilities by major companies such as TCS and HCL Technologies is anticipated to further enhance job opportunities.The establishment of significant IT operations like those by TCS and Infosys is likely to escalate demand for residential properties. With projections of thousands of new jobs being created, more professionals will seek housing near their workplaces. The government plans to develop new IT parks and incubation centers to support this burgeoning sector, including proposals for an Integrated Technology Park and two new IT concept cities in Rushikonda and Bhogapuram.Srinivas, General Secretary of CREDAI, noted that real estate prices have surged to unprecedented levels of 10,000 rupees per square foot. He highlighted a shift in buyer expectations post-COVID-19. The city’s appeal is enhanced by its proximity to major courts, public centers, and scenic beach areas, attracting both working professionals and retirees.He further mentioned that areas near the IT hub are becoming increasingly sought after, in neighborhoods like Madhurwada, with square foot rates ranging from 7,000 to 10,000 rupees. Minimal price variations are observed in Rushikonda and Sagar Nagar, where the average cost of a two-bedroom flat is around 40 lakhs.
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