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HOT, LATEST HYDERABAD NEWS. HYDERABAD DEVELOPMENT, REAL ESTATE NEWS
(Excl Ventures News.)Larsen and Toubro, which is developing the Rs 16,000-crore Hyderabad
Metro Rail project, said Wednesday that it will develop the entire 18.5
million sq ft commercial space around the project in a phased manner
over the next 10 years.
The firm is also planning to build the capital’s ‘biggest mall’ at a
commercial complex of about one million feet at Raidurg, terminal point
for corridor three – Nagole to Shilparamam/Raidurg
Another two million to two-and-a-half million real estate space will
also be made available for office space and construction at the site is
expected to commence shortly, said Ravishankar, L&TMRH’s TOD head.
Finances for developing six million sq ft
are already being tied up and the total 18.5 million sq ft will be
developed as and when required, V B Gadgil, Chief Executive and Managing
Director, L&T Metro Rail (Hyderabad) told reporters.
Of the
18.5 million sft of what is being called, Hyderabad Next, development of
1.1 million sft of high quality retail and office space is underway in
the first phase at three locations - Punjagutta, Erramanzil and near
NIFT in the Hitech City. These three special stations would be ready by
December and commissioned by next March or April.
Hyderabad Next
has already received bookings for 40 per cent of the retail and office
space at the three locations. Among those who signed up for the space
are Hyper City, Shoppers Stop and PVR multiplex chain.
The SBI has
come forward to set up ATMs at every metro rail station. Similarly,
MedPlus wants to have an outlet at every station. Bank of Baroda and
Corporation Bank are some of others interested in the project.
Gadgil
and HMR Managing Director NVS Reddy said brand Hyderabad Next will
provide space for parking, shopping, leisure, entertainment and
healthcare.
Mr. Ravishankar, during his presentation, also stated that there were
plans to have residential spaces, but these will evolve in the eight to
ten years later. All buildings will be ‘green’ having their own sewage
treatment plants.
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