Huda to invest Rs 6000cr for expressway in Hyderabad
Released on: May 19, 2008, 1:49 am
Press Release Author: varma
Industry: Real Estate
Press Release Summary: The Hyderabad Urban Development Authority (Huda) is investing about Rs 6,000 crore for an eight-lane access-controlled expressway. Part of the Outer Ring Road (ORR) project, it would be taken up in three phases, said Huda Vice-Chairman KS Jawahar Reddy
Press Release Body: The Hyderabad Urban Development Authority (Huda) is investing about Rs 6,000 crore for an eight-lane access-controlled expressway. Part of the Outer Ring Road (ORR) project, it would be taken up in three phases, said Huda Vice-Chairman KS Jawahar Reddy.
In the first phase, a 24-km road would be laid from Gachibowli to Shamshabad, which is scheduled to be completed by February next year. In the second phase, a road from Shamshabad to Pedda Amberpet in one stretch and from Narsingi to Patencheru in another, in all 60 km, would be laid at an estimated cost of over Rs 2,440 crore. Five agencies are working on this project on a build, operate and transfer basis. This is likely to be ready by 2010.
The third phase would see laying of a 70-km road connecting Patencheru and Pedda Amberpert. The government would take financial assistance from the Japan Bank for International Cooperation (JBIC) and would soon call for tenders for the project.
Speaking at a seminar on \'Real estate sector: Opportunities and challenges in Andhra Pradesh\' organised by the Confederation of Indian Industry (CII)\'s Andhra Pradesh chapter, he said 33 radial roads would also be laid at a cost of Rs 3,000-4,000 crore for better connectivity to the city. Work on four radial roads has already begun.
Huda has also identified land for setting up the digital entertainment city and will soon form a special purpose vehicle for the purpose. It is also planning a health city with participation from global players.
The government is also intent on developing townships along the Outer Ring Road. While one project has already begun at Tellapur, the other is being planned on about 800 acre at Srinagar near the international airport. \"We are trying to liberalise the norms for permission,\'\' he said, adding the government was in favour of donning a facilitator\'s role. Huda has also finalised an Ahmedabad-based consultant for preparing a growth plan for the next 20 years.
Ernst & Young partner Ajit Krishnan said increasing urbanisation, rising household incomes and growth in the services sector would trigger growth in the real estate sector, particularly in the residential segment. However, real estate players are faced with challenges of higher interest rates, RBI regulatory measures, unclear titles and absence of real estate investment trusts.......... For Latest Real Estate News: http://www.maaproperties.com/Pages/ModuleContent.aspx?Module=News
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