Hyderabad News. Tishman Speyer Revives Tellapur Technocity. Meets HMDA with Proposal on 100 Acres
Hyderabad News. TOI 09.04.10
(Excl Ventures News.) With signs of economic recovery and reality sector beginning to gather momentum,Tellapur Technocity Pvt Ltd has come forward to go ahead with its integrated township project at Tellapur in Ramachandrapuram mandal in Medak district.The project was put on hold two years ago.
However, the proposed integrated township would have a different plan and not as announced as a 400-acre project at one go.The developer has proposed to take up the project in a phased manner beginning with a special economic zone (SEZ) for Information Technology companies.
Hyderabad Metropolitan Development Authority (HMDA) sources said Tellapur Technocity,which is a consortium led by Tishman Speyers,ICICI and Nagarjuna Constructions Company, met the metropolitan authority officials a few days ago and expressed their willingness to take up the project.
"The developer has reworked on the integrated township and presented a proposal for SEZ in 100 acres as it paid land cost.The proposal is being examined,"a senior HMDA official told TOI.
The 400-acre integrated township was planned along the Outer Ring Road (ORR) and close to Hi-Tec City and financial district at Gachibowli which falls in Tellapur village in Medak district. As per the original proposal, 30 million square feet built up area was to be provided in the township in eight years for Class A commercial,residential,recreational and mixed use.
The consortium,which turned into a special purpose vehicle Tellapur Technocity Pvt Ltd,has paid Rs 420 crore to HMDA in 2007 towards the land cost at the rate of Rs 4.21 crore per acre. The consortium was supposed to pay the balance amount, about Rs 1,700 crore,within six months.But the developer was reluctant to take up the project due to the slump in the real estate market for the past two years.
"We did not insist Tellapur Technocity to pay the balance as of the 400 acres, 240 acres are in legal wrangles and only 160 acre is free from litigation," another HMDA official said.
Comment :
This news follows news about HMDA deciding to develop Financial District Phase II in balance land.
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