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 said.
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.
Meanwhile, HMDA is mulling on providing Ramky Infrastructure more time to pay development premium for Srinagar township. The developer was supposed to pay development premium of Rs 25 crore in June, 2009, but sought six month extension which expired in January, 2010.
The township was proposed in about 700 acres at Srinagar in Maheshwaram Mandal of Ranga Reddy district. Due to legal problems, the HMDA denotified about 200 acre land from acquisition of the total 700 acres proposed. Later, both Ramky and erstwhile Hyderabad Urban Development Authority entered into an agreement to take up the project under public-private partnership in 355 acres of which 200 acres is government land and 155 acres private land. “Of the Rs 100 crore development premium, Rs 25 crore was paid in 2008 and the balance was to be paid within six months, but the developer did not pay the amount due to land problems,” he added.
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