Raheja to start works on Inorbit Mall in Vizag

Visakhapatnam Retail estate development giant K Raheja Corp has set its eyes on changing shopping and entertainment experience in Visakhapatnam by launching the work on Inorbit Mall with a built-up area of six lakh sft in the City of Destiny with a total investment of Rs 600 crore.

Even as Chief Minister YS Jagan Mohan Reddy is all set to lay the foundation stone for the ambitious project on August 1 in an area of 17 acres belonging to the Visakhapatnam Port Authority (VPA), where the ground was levelled after demolishing the old quarters of the port which were in dilapidated condition, the group has been asked by the State Government to set up an IT tower like Raheja Mindspace in the city.

During a recent meeting, when Raheja Corp President Neel Raheja met the Chief Minister at Tadepalli recently, the government requested him to start an IT tower in Visakhapatnam, which has been announced to be made the executive capital of AP by the YSRCP Government.

Raheja Group is into the development of residential complexes, malls and hospitality sector across the country for several decades. It owns Mindspace, Commerzone, Shoppers Stop and Crossword Bookstore.

Industries and Commerce Minister Gudivada Amarnath recently hinted at investment by the group in the IT sector in the city. It is not yet finalised where the proposed project, if agreed upon, will come up.

The Ministry of Ports, Shipping and Waterways has allowed VPA to enter into an MoU with the Raheja Group last year for allotment of the land for 30 years on payment of Rs125 crore last year under the National Monetisation Plan (NMP). VPA has been earning over huge amounts by giving its unused lands on lease.

This will be the first mall of the famed group in Andhra Pradesh. The project will be completed in three years. The AP Government is scouting for major players to invest in IT facilities in and around Rushikonda to develop it into the Cyberabad of the State. Infosys is getting ready to launch its operations on a building taken on lease. The Inorbit Mall once operational is expected to provide direct and indirect jobs to 5,000.

During the TDP regime MoU was signed just before the general elections for development of an international convention centre, a mall and a five star hotel on over 13 acres belonging to APIIC at Harbour Park with beachfront view. However, the MoU signed with the LuLu Group was annulled by the YSRCP Government citing undervaluation in land value.

Visakhapatnam, with a population of over 2.5 million, is the largest city and an industrial hub in the State with a cosmopolitan environment. With the development of a greenfield international airport at Bhogapuram and a 6-lane expressway from the city to the new airport in the next three years, it is speculated that the city will attract several big ticket projects.