L&T Metro Rail Hyderabad (L&TMRH) on Thursday said that there had been no sale of immovable property of the Transit Oriented Development (ToD) land earmarked at Raidurg and handed over by the State Government for making use of real estate during the concession period of operating the Hyderabad Metro Rail project as per the Concession Agreement signed under the Public, Private Partnership (PPP) mode.
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The Board of L&T Metro Rail (Hyderabad) Limited and Government of Telangana had allowed L&TMRH to monetize the sub-licence rights in ToD land at Raidurg and the same had been intimated to the BSE (Bombay Stock Exchange) on Wednesday post approval of the shareholders at the extraordinary general body meeting.
The sub-licensing rights were only for the remaining period of the Concession Agreement. Some more approvals were awaited and only after obtaining that would the transaction be completed. The transaction value would also be finalised after obtaining all necessary approvals, it said in a press release.
L&TMRH, as per the Concession Agreement, can exploit the 269 acres handed over by the State Government for real estate commercial use for 35 years and this can be extended up to 25 years more following fulfilment of certain conditions by the stakeholders. The firm can build up to 18.5 million sq.ft of space at the stations and depots of Uppal and Miyapur during this period.