Hyderabad: Govt entity approves restructuring plan for 100-storey trade tower
A government entity has recently given its approval to a restructuring plan – put forth by consultancy firm EY - for a skyscraper project at Manchirevula on Hyderabad outskirts.
The Rs 7,000-crore project in Hyderabad pertains to a 100-storey trade tower which Reliance Infrastructure was to implement on an expansive 76.2-acre land area, involving 20 million square feet of built-up area.
The project is to be executed by a special purpose vehicle in which 11 percent equity will be held by a government arm – Industrial Infrastructure Corporation (IIC).
Despite the fact that the project was being touted as the biggest public-private real estate project in India, comparable to skyscrapers like Burj Dubai and Petronas Towers, it failed to get off the ground due to the global economic crisis and the Telangana statehood agitation.
However, with a government entity now having approved a restructuring plan for the project, Reliance Infrastructure is hopeful that the stalled venture will finally get the go-ahead from the government after it formally approves the plan.
Meanwhile, with regard to the significance of the project for the Hyderabad real estate scenario, C Sekhar Reddy – president of realtors’ body Credai – said: “A skyscraper project will help Brand Hyderabad and also the otherwise subdued property market.”
Source- The Economic Times
Andhra Pradesh Industrial Infrastructure Corporation, Industrial Infrastructure Corporation, Odisha Industrial Infrastructure Corporation, project in Hyderabad
