VIJAYAWADA: After observing that lack of office space is preventing Information Technology firms to launch their operations in Andhra Pradesh, the State government has decided to extend benefits to both the real estate developers and management of IT companies through the Designated Technology Parks (DTP) Policy, 2017-2020.
Though several policies have been taken up by the State government for attracting IT firms to the State, lack of office space has emerges as a problem. To find out a solution to the same, the government now came up with the DTP policy. The government has kept a target to provide at least one lakh jobs in the IT sector by 2019. According to IT Minister Nara Lokesh, under the DPP policy, the AP Electronic and Information Technology Agency will take buildings on rental basis from real estate developers and allocate the same to IT companies with 50 per cent subsidy on rents.
Acoording to the area of the office space, the real estate developers will get rental guarantee from 18-36 months from the government. The policy intends to provide office space to IT firms on subsidy and rental guarantee to real estate developers. The developers constructing office space between one lakh to two lakh square feet area will get rental guarantee for a period of 18 months.
While the rental guarantee will be for 24 months for those buildings with 2 lakh-3 lakh square feet area, it will be a period for 30 months for the buildings in an area between 3-4 lakh sq f.