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L&T Hyderabad Metro Rail Ltd will take up development of 18.5 million sq ft of transit-oriented real estate development in a phased manner.
The special purpose vehicle between concessionaire L&T and Government of Andhra Pradesh is executing the Rs 16,500-crore elevated metro rail project across three dense corridors in Hyderabad and Secunderabad.
It has completed a feasibility study of the real estate component along the proposed 72-km rail network.
V.B. Gadgil, CEO and Managing Director of L&T HMRL, said, “We have completed a detailed feasibility study on the real estate component to assess the potential. The outcome has been positive. We have also commissioned few designs, which are now being studied.”
“A project of this magnitude has potential for development of real estate. But the issue is whether the city is ready to absorb such development. Therefore, we will take up ToD in a phased manner as projects gets implemented over six phases,” he added.
The Government has decided to allot 269 acres of land for the metro project, including two land parcels of about 100 acres at the terminal points.
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