Hyderabad Trade Tower - All Clear

Decks have been cleared for the 100-floor Trade Tower and Business District project in 76.28 acres at Manchirevula in Ranga Reddy district with the State Government awarding the contract to a consortium led by Anil Ambani's Reliance Energy Ltd (REL).
The first module of project would have the 100-floor trade tower in 30 acres of the allotted site with a minimum of 40 lakh square feet of floor space with plug-'n'-play facilities and it would be completed within four years.The cost of the project, as quoted by REL, is pegged at Rs. 6,288 crore.The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in its letter of award (LoA) issued in the name of J.P. Chalasani, Director of REL, on Saturday last said the consortium was required to design, develop, finance, construct, market, operate and maintain the project with international standards.A special purpose vehicle (SPV) would be formed jointly by the consortium and APIIC. Chairman and Managing Director of the corporation B.P. Acharya said on Monday that the project would be completed in three modules. The first module would have the 100-floor trade tower in 30 acres of the allotted site with a minimum of 40 lakh square feet of floor space with plug-'n'-play facilities and it would be completed within four years. The second module would comprise developing the first phase of the business district in 30 acres of land, which should be completed in seven years. Development of phase II of the business district in the remaining 16.28 acres would form part of the third module. While 66 per cent of stake in the SPV would be held by REL, Sobha Developers would hold 23 per cent and APIIC 11 per cent. The corporation could enhance its stake to 26 per cent by choice. The land price fixed for the project was Rs. 501.16 crore at the rate of Rs. 6.57 crore per acre for the entire extent of 76.28 acres. A detailed project report (DPR) would have to be submitted by REL within 45 days of awarding LoA. The corporation laid numerous conditions, including its right to replace the developers, while awarding the project.

Source: The Hindu

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