L&T Metro Rail Hyderabad (L&TMRH), the concessionaire constructing the elevated metro rail project for the city, will build the capital’s “biggest mall” (of about one million square feet) at a commercial complex being planned at Raidurg, the terminal point for corridor Three – Nagole to Shilparamam / Raidurg.
Another two million to two-and-a-half million real estate space will also be made available for office space and construction at the site is expected to commence shortly, said Ravishankar, head, Transit Oriented Development (TOD), L&TMRH. Earlier, Chief Executive & Managing Director V.B. Gadgil, unveiled the logo for branding the commercial space development in stations and depots as ‘Hyderabad Next’.
Metro rails works first
“The metro rail project is an integrated project with transit oriented development being a significant part. It will change the face of Hyderabad,” he affirmed. But, he hastened to add, that metro rail work will be completed fist. The firm is developing about one million square feet in the first phase of commercial space development at Erramanzil, Punjagutta and Hi-Tec City and these will be ready by next summer.
Overall, it can develop 18.5 million sq.ft of commercial space across the three corridors including stations and depots which it can own and operate for upto 60 years as per the concessionaire agreement. Mr. Gadgil also claimed that 40 per cent of space has already been booked for the 1.1 million sq. ft space coming up in the next few months.
Residential spaces
Mr. Ravishankar, during his presentation, also stated that there were plans to have residential spaces but these will evolve in the 8 years to 10 years ahead. All buildings will be ‘green’ having their own sewage treatment plants. L&TMRH General Manager (Corp. Comm) Sanjay Kapoor, said commercial spaces available range from 100 sq.ft to 40,000 sq.ft. depending on the location.
Hyderabad Metro Rail Managing Director N.V.S. Reddy pointed out that Telangana Government was the first in the country to have adopted TOD development as an official policy for Hyderabad Metropolitan Development Authority (HMDA) and was sure it would propel the capital into a global one.
