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L&T Metro Rail Hyderabad Ltd is set to boost transit-oriented development (TOD) with a phased 18.5 million sq ft of mixed use (retail, commercial, office) space development along the elevated metro rail project, which is slated for commencement by 2017.
The phase one of 1.1 million sq. feet spread across three busy locations on the 72-km stretch of the project is expected to be ready by December and for use by March 2016, VB Gadgil, Chief Executive of L&T Metro Rail Hyderabad, said.
Unveiling ‘Hyderabad Next’ as the brand for the TOD, Gadgil said: “We are in talks with the State government on the proposed alignment change in three locations and the feasibility is now underway.”
The phase one of the TOD has received good response with 40 per cent space already booked. Inorbit, PVR, Shoppers stop are among those who have evinced interest, he said.
A number of retail outlets, food chains and banks have signed up to set up base in the 64 metro rail stations coming up. SBI will have one ATM in every metro rail station, while Bank of Baroda and Corporation Bank will be present in some of the stations. MedPlus will have an outlet in every station.
Dominos, Politos, Amul and even hair cut salons have entered into agreements for their outlets.
NVS Reddy, Managing Director of HMRL, said, “The project is on course to be ready by 2017, as per schedule. The issue relating to alignment change in three locations is under consideration as feasibility studies are now underway.”
Finances The metro rail project is being developed with total outlay of ₹14,132 crore, which includes viability gap funding of ₹1,458 crore from the Centre. In addition, the Telangana government has deployed ₹2,000 crore for land acquisition and facilitation services. The total outlay by L&T for the project is estimated at ₹20,000 crore.
The company has brought down its overseas exposure from $800 million earlier to $ 80 million by rejigging its finances. Until now, over ₹7,000 crore has been invested on the project.
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