HUDA invests over Rs. 6000 crores on ORR project
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HUDA Vice Chairman, KS Jawahar Reddy said to www.propertykhazana.com that, “HUDA is planning to invest about Rs. 6,000 Crores for 8 lane access controlled expressway and the ORR venture will be taken up in there phases.” The initial phase, 24 KM road will be from Gachibowli to Shamshabad which is said to be ready for traffic by February and the 2nd phase, Shamshabad to Pedda Amberpet in one extend and from Narsingi to Patencheru and the total 60 Km will be set at an expected cost of about Rs. 2,440 Crores.
As reported by the source @ the www.propertykhazana.com 5 agencies are operating on this venture on a construct, operate and transfer basis and this is expected to be completed by 2010. Third phase will be laid on 70 Km road linking Patencheru and Pedda Amberpet. The Govt. will take fiscal help from the Japan Bank for International Cooperation (JBIC) and will shortly call for the tenders.
HUDA has also recognized property for developing the digital entertainment city and will shortly from a SPV for the idea. It is also proposing a health city with contribution from international players. Govt. also aiming at development of townships along the ORR, as one venture has already started at Tellapur and another is being proposed on around 800 acres at Srinagar near the International Airport.
Reddy said in a verbal communication to the www.propertykhazana.com that, “We are attempting to open the rules for approvals and the Govt. is in consideration on a spur’s role.” HUDA has confirmed an Ahmedabad based consultant for arranging a growth plan for coming 20 years. Ernst & Young associate Ajit Krishnan said to www.propertykhazana.com that, “Growing urbanization, increasing household incomes and growth in the services segment will activate the growth in realty segment, mainly in the housing sector. But, realty players are with defies of higher interest rates, RBI regulatory measures, blurred titles and lack of realty investment trusts.
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