The Hindu Business Line : Consortium to develop Hyderabad township

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Hyderabad Feb. 4 A consortium of Tishman Spyer Properties, ICICI Venture Funds and Nagarjuna Construction Company, have secured the mandate for development of a Rs 3,500-crore Integrated Township Project at Tellapur near here.

The consortium was the lone bidder for the project to be taken up under the public-private participatory initiative.

This project is part of the State Government's effort to decongest the city by developing satellite townships dotting the outer ring road. The Hyderabad Urban Development Authority (Huda), which is the nodal agency for the project, opened the bids on January 31.

While the Huda had fixed a price of Rs 4 crore and upwards per acre, the bid was for Rs 4.21 crore per acre. In the 400-acre site worth Rs 1,686 crore, close to the Financial District here, the developers are likely to invest about Rs 3,500 crore.

The consortium would now prepare a detailed project report and the construction would commence within six months thereafter.

According to a statement from Huda issued here on Saturday, the commercial bid was opened on Friday.

Tishman Spyer, with over $27 billion in investment across continents and Nagarjuna Construction Company, with a turnover of Rs 2,005 crore for first nine months this year, draw upon construction expertise.

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