Visakhapatnam: The TCS offer to set up a new IT facility centre here has the potential 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 personnel.
O Naresh Kumar, vice president of the Rushikonda IT Park Association, noted on Thursday that this initiative represented a major leap for the IT ecosystem in both Visakhapatnam and Andhra Pradesh. “We are awaiting TCS's official announcement regarding the launch date,” he said, and praised the state government’s efforts to attract major players like Wipro, Infosys, and now TCS.
He emphasized that TCS's presence will particularly benefit women seeking local employment. 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.
This would also escalate the demand for residential properties. More professionals will seek housing near their workplaces.
The government plans to develop new IT parks and incubation centres 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 Rs 10,000 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 centres and scenic beach areas, attracting both working professionals and retirees.
He said areas near the IT hub are becoming increasingly sought after, mainly the neighborhoods like Madhurwada, with square foot rates there ranging from Rs 7,000 to Rs10,000. Minimal price variations are observed in Rushikonda and Sagar Nagar, where the average cost of a two-bedroom flat is around `40 lakh now.
