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Reliance Infra’s central business district in execution mode
Posted by Srini Uppala | May 5, 2008 | 526 views
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Loading ...Reliance Infra, an ADAG company, is set to begin work on the country’s first greenfield central business district — which will entail investment of Rs 7,000 crore and host over 25 million sq ft of built up area, including a 100-plus storey building, in phase I.
The company is set to sign up with the Andhra Pradesh Government later this month which will pave the way for transfer of 80 acres of land about 8 km from the new International airport abutting the Outer Ring Road.
Once the development agreement is signed, we would engage the services of master planners. Already the services of the project management company, Turner, have been enlisted. We will choose one among the six global master planners who are in the fray,” a senior official of Reliance Infra told Business Line.
Clearance
This public private partnership project will be executed for Andhra Pradesh Industrial Infrastructure Corporation Ltd, which will have 11 per cent equity and the rest with Reliance Infra, the official said.
After Reliance was awarded the letter of intent and mandate in December 2007, we have managed to bring the project to this stage, which would be said to be a significant progress given the nature of such projects,” the official said.
Asked to clarify on the status and mandatory clearances required to execute a 100-storey plus building (which actually means over half a kilometre in height), the official said that this does not come under the air funnel of both the old and new airports and requires a no-objection certificate from the Ministry of Civil Aviation.
Since this is a State Government project, we don’t see hurdles in its clearances,” he said.
Planned space
Unlike most of the central business districts in the country which have not been planned and built but have evolved over the years, this is being developed as one from the beginning.
The focus of such projects will be mainly on commercial office space, he said.
Many European companies, who are looking to set up their base in India would be targeted along with IT companies and other commercial establishments.
We also expect to develop top notch hotels in phase I of the project, which will be completed within five to seven years,” he said.
The scope of the project can be gauged from the fact that it would be about five times the size of Nariman point existing stock and form core business area near the new international airport providing ideal linkages and connectivity, he said.
SOURCES:
Business Line
Topics: Govt In Action, Business News, Real Estate, Infrastructure |
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