Andhra Pradesh state government has launched ‘Designated Technology Park aka DTP Policy 2017-2020’ in Amravati. As claimed, it is a first of its kind initiative in the country, aimed to solve office space crunch for IT companies in the state.
Those who want to set up their units in Andhra Pradesh are facing a shortage of office space as real-estate developers are skeptical about their businesses and not building office spaces, as per the state government.
‘Like no other state in the country, Andhra Pradesh is bringing in a lot of policies to support the IT sector. To overcome the space crunch issue for IT firms, under the direction of Chief Minister of Andhra Pradesh Nara Chandrababu Naidu, we are bringing this DTP policy,” Minister Lokesh said.
The main objectives of DTP policy are to roll out incentives on providing office spaces for IT companies and give rental guarantee for real-estate developers for building office spaces for IT.
- Under this policy, Andhra Pradesh Electronics and IT Agency will rent private built-up spaces from approved real-estate developers and allot them to IT companies at 50% subsidy.
- For real-estate developers, the government will give 50 to 70% rental guarantee for built-up office spaces for a period of 18 to 36 months. Those who develop 1 lakh to 2 lakh sq. ft. of office space will be given a rental guarantee for a period of 18 months, while it is 24, 30 and 36 months for those who develop 2-3 lakh sq. ft., 3-4 lakh sq. ft. and more than 4 lakh sq. ft. of office spaces respectively.
Andhra Pradesh state government aims to create one lakh IT jobs by 2019 and one crore sq. ft. of office space to facilitate the same.