Project Launch
K Raheja Corp Launches Mixed-Use Development at Madhurawada IT Hill 3, Visakhapatnam
K Raheja Corp, a real estate conglomerate, is set to make a major investment in Visakhapatnam, focusing on the construction of commercial and residential complexes tailored to the needs of IT companies, having expressed interest in investing ₹2,172.26 crore for the project and requesting the state government to allocate 27.10 acres in Madhurawada IT SEZ Hill No. 3 for its implementation. The project spans 27 acres with a built-up area of 2.9 million sq ft.
| Developer | K Raheja Corp (K Raheja Corp Homes) |
|---|---|
| Location | Madhurawada IT SEZ Hill No. 3, Visakhapatnam, Andhra Pradesh |
| Project Type | Mixed-use (Commercial + Residential) |
| Total Investment | ₹2,172.26 crore |
| Land Area | 27.10 acres |
| Total Built-up Area | 2.9 million sq ft |
| Phase 1 Completion | Commercial buildings by 2028, residential complexes by 2030 |
| Phase 2 Completion | Commercial buildings by 2031, residential complexes by 2035 |
| Expected Employment | Approximately 9,681 people |
Project Overview & Status
The company has recently applied for the Terms of Reference (ToR), an important regulatory step that moves the project closer to execution. As of September 2026, the project remains in the pre-approval stage. K. Raheja Corp has laid the foundation stone for a massive mixed-use project in Visakhapatnam with location at IT Hills 3, project size of 27 acres, investment of ₹2,172 crore, and built-up area of 2.9 million sq ft.
Commercial Component
Phase-1 includes 9 lac sqft (900,000 sq ft) of office space scheduled for 2028, and Phase-2 includes 1.9 million sqft of office space scheduled for 2031. Phase 1 will involve an investment of ₹663.42 crore and provide 9.59 lakh sq ft of space. In phase two, the investment is pegged at ₹1,418.84 crore, adding 19.06 lakh sq ft of office and residential space. The proposed project includes nearly 2.9 million square feet of Grade-A office space.
Residential Component
Residential units will be delivered in two phases. The first phase is scheduled for completion by 2030. In phase two, residential complexes are planned for completion by 2035. Detailed unit configurations and price bands have not been announced as of September 2026. RERA registration has not yet been filed.
Madhurawada IT Ecosystem Context
The move comes in the wake of Google planning an AI-based data center in Visakhapatnam, which is expected to attract a large influx of IT companies. The government has already provided about 6 lakh square feet of office space in the existing Millennium Tower 1 and 2 to IT giants such as TCS, Cognizant, Accenture, and others. Additional office space is required for new entrants, a need Raheja's project aims to fulfil. Madhurawada is already known for being a prime locality for IT investments, with many upcoming developments promising great future prospects.
Developer Background
As of 2017, K Raheja Corp had 20 million square feet of office space, making it the second largest commercial developer in the country. K Raheja Corp operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune and Chennai. K Raheja Corp has commenced construction of Inorbit Mall at Visakhapatnam, marking the company's first retail entry into the city.
Development phases
Land use
Frequently asked questions
What is the status of K Raheja Corp IT Hills project in Visakhapatnam?
As of September 2026, the project is in the pre-approval stage. K Raheja Corp has applied for Terms of Reference (ToR) with the regulatory authority. A foundation stone ceremony has been reported, but RERA registration has not yet been filed.
When will the project be completed?
The project is planned in two phases. Phase 1 commercial buildings are expected by 2028 with residential units by 2030. Phase 2 commercial buildings are targeted for 2031 with residential completion by 2035.
How much office and residential space will the project provide?
The total project will deliver 2.9 million sq ft. Phase 1 includes 900,000 sq ft of office space, and Phase 2 adds 1.9 million sq ft of office space. Residential components are planned alongside in both phases.
Why is K Raheja Corp investing in Visakhapatnam's IT sector?
The investment aligns with Visakhapatnam's growth as an IT hub, driven by Google's announced AI data center and growing demand from IT majors. Existing Millennium Towers house TCS, Cognizant, and Accenture, and additional Grade-A office space is needed to accommodate new entrants.
What is the total investment for the project?
K Raheja Corp has committed ₹2,172.26 crore for the 27.10-acre mixed-use development, with Phase 1 comprising ₹663.42 crore and Phase 2 comprising ₹1,418.84 crore.
What employment opportunities will the project create?
According to the project proposal, the development is expected to generate employment for approximately 9,681 people, supporting Visakhapatnam's growing IT and professional workforce.