Shifting of Unfinished Project “Malakpet IT Tower” Set to Create 50,000 IT Sector Jobs
The Malakpet IT Tower project in Hyderabad aims to create 50,000 jobs in the IT sector but faces delays due to unresolved agreements. Learn more about its potential impact.
Hyderabad: The ambitious Malakpet IT Tower, which was expected to transform the IT landscape in the Old City, has faced significant delays since the foundation stone was laid over a year ago. Originally designed to create approximately 50,000 jobs in the IT and ITES sectors, the project has yet to commence construction due to unresolved agreements between the government and the winning bidder.
Project Overview
- Investment: ₹700 crore
- Location: 11 acres near PVR Mall, Malakpet
- Built-Up Area: 15 lakh sq. ft.
- Expected Completion: Within 36 months from the start of construction
- Job Creation: Nearly 50,000 jobs
The foundation stone was laid on October 2 by former IT Minister KT Rama Rao, alongside Hyderabad MP and AIMIM chief Asaduddin Owaisi. The tower, named iTEK Nucleus, is set to be a landmark in the area, replacing the iconic Malakpet TV Tower. It will feature a sky lounge offering a panoramic view of Hyderabad and is designed to be a hub for innovation and collaboration among tech experts.
Reasons for Delay
The Telangana Industrial Infrastructure Corporation (TGIIC) acknowledged the project’s stalling, attributing it to procedural issues and the overlap with election periods. A senior TGIIC official mentioned that agreements with the winning bidder are anticipated to be finalized by November.During a recent press conference, Chief Minister A Revanth Reddy clarified that the ongoing Musi River rejuvenation project would not impact the development of the IT Tower. He emphasized that this project will be integrated into the new IT policy, with further details to be provided by IT Minister D Sridhar Babu soon.
Political Support and Future Prospects
Despite initial support from AIMIM for the Malakpet IT Tower project, there has been little communication regarding its progress with the current Congress-led government. However, local leaders remain optimistic about its potential impact on job creation and economic development in Hyderabad.
The Malakpet IT Tower represents a significant investment in Hyderabad’s future as a tech hub. Once completed, it promises to provide thousands of job opportunities and enhance the region’s infrastructure. As stakeholders work through existing challenges, there is hope that this project will soon become a reality for many aspiring professionals in the IT sector.
