AP News Tellapur Twonship Plan Hit By Delay
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The Hyderabad Urban Development Authority is facing rough weather with the much-hyped Tellapur township even as memories of the bitter experience at Kokapet refuse to fate away.
The agreement between Huda and the consortium of ICICI-Nagarjuna Constructions and the Indian subsidiary of the US-based Tishman Speyers is being delayed though the tenders were finalised on January 31. The delay is mainly due to a legal battle in the AP High Court over the ownership of the Tellapur land. An industrial co-operative society argues that it is the owner of the land. The government and Huda are to explain in the High Court that the government is the absolute owner of the land and not the Huda. Minister for revenue Dharmana Prasada Rao is expected to hold a crucial meeting on May 11 on the Tellapur township, which would raise Rs 1,686s crore for the exchequer. The ICICI consortium was the lone bidder for the Tellapur township spread over 400 acres of land. It offered Rs 1,686 crores for the land at Rs 4.21 crores per acre. Apart from paying the land cost, the consortium will invest Rs 3,644 crores for the development of township at Tellapur which is 5 km from Hitec City and falls in Medak district. The consortium was supposed to pay Rs 400 crores as upfront amount once the agreement is signed by both parties and remaining would be paid in instal ments as per the terms and conditions. In fact, the agreement was supposed to be signed in the US during the Chief Minister’s US tour. But the proposal was cancelled given that the court case on ownership of the land was still on. However, Huda is optimistic about winning the case on land row. “We hope the issue is settled very soon even as the ICICI consortium is busy with planning and designing of the township,” said Mr Piyush Kumar, project director of Outer Ring Road. SOURCES: Deccan Chronicle             |
