Decks appeared to have been cleared for the setting up of the long-pending Tellapur integrated township project with the Hyderabad Metro Development Authority inking a Rs.1,700 crore pact with the Tishman, a private agency, which had bagged the project contract. The project included the setting up of a SEZ for IT companies, offices and residential space in 400 acres close to the Outer Ring Road (ORR). The consortium members took land at the rate of Rs.4.21 crore per acre from the HMDA. The developer paid about Rs.420 crore and committed to pay the remaining portion of the amount in the next six months. As per the MoU, the developer agreed to retain the revenue share of 5 percent and address the conflicting clause of compensation payment common to both the parties at 13.5 per cent against 30% payable. The government also deleted the provision of right of first refusal which permitted HMDA to sell/auction/transfer any land in the surrounding area. As per prior plans, it was to come up about 5 km from Hitec city and the Financial District at Gachibowli. As per the original proposal, 30 million sqft built up area was to be provided in the township in eight years for Class A commercial, residential, recreational and mixed use and a special purpose vehicle, Tellapur Technocity Pvt Ltd, was also formed after taking over the land.
📅Published on:
06 March 2018
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