L&TMRH plans to open its first three major commercial complexes towards the end of December
Hyderabad: L&T Metro Rail Hyderabad (L&TMRH) is planning to open its first three major commercial complexes with a total space of 1.1 million square feet at Punjagutta, Erramanzil and Hi-Tec City by April next year with a soft launch towards December, said its Chief Executive & Managing Director V.B.Gadgil on Wednesday.
He was addressing a gathering, including media personnel, after unveiling the logo for branding the commercial space development in metro stations and depots as ‘Hyderabad Next’ along with Hyderabad Metro Rail MD N.V.S. Reddy and L&T Realty CE Ravishankar.
“The metro rail project is an integrated one with Transit Oriented Development (TOD) 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 first. The firm is also planning to build the capital’s ‘biggest mall’ at a commercial complex of about one million feet at Raidurg, 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, L&TMRH’s TOD head.
Overall, L&TMRH can develop 18.5 million sq. ft of commercial space across the three corridors which it can own and operate for up to 60 years as per the Concessionaire Agreement (CA). Mr. Gadgil also claimed that 40 per cent of space has already been booked in the first three complexes coming up.
Mr. Ravishankar, during his presentation, also stated that there were plans to have residential spaces, but these will evolve in the eight to ten years later. All buildings will be ‘green’ having their own sewage treatment plants. L&TMRH General Manager (Corp. Comm), Sanjay Kapoor, said commercial spaces that are available range from 100 sq. ft to 40,000 sq. ft depending on the location. Mr. Reddy pointed out that the Telangana government was the first in the country to have adopted TOD development as an official policy for Hyderabad Metropolitan Development Authority (HMDA).