Hyderabad: Investor confidence in Hyderabad’s future prospects is back, with several corporate houses planning to revive their projects, which they had discontinued due to global slowdown and political uncertainty, says Telangana IT and panchayat raj minister K.T. Rama Rao.
“Fears about Hyderabad losing its charm for investors is completely misplaced. Several corporate houses are approaching us to revive their projects. Recently, Anil Ambani of Reliance (ADAG) met the chief minister and wanted to revive the 100-storey project that his company had planned years ago at Manchirevula in Hyderabad. Similarly, US real estate major Tishman Speyer chairman Jerry Speyer had come here and proposed to relaunch their Tellapur project,” Mr Rama Rao said, replying to a query by a delegate of Ficci Ladies Organisation (FLO) on Wednesday.
Both Manchirevula and Tellapur projects were announced during the Y.S. Rajashekhar Reddy’s regime before the global economic slowdown choked the finances of most of Indian corporate houses. Though real estate market had picked up in other metros, the developers of these projects were not keen on relaunching them because of the political uncertainty surrounding Hyderabad due to the Telangana agitation.
However, Mr Rama Rao feels this perception among corporates has ended as it was evident from several investment proposals received by the government. “Apart the corporate bigwigs who met the chief minister in the last few days, Mahindra Group chairman Anand Mahindra is going to meet him on July 26 and Wipro chairman Azim Premji would come here on July 27.”
Mr Mahindra is expected to propose capacity expansion of its existing tractor plant in Medak to 1 lakh units a year. Similarly, the ITC Group has revived its '750-crore project to build a new hotel ITC Kohinoor near Inorbit Mall. The 81,000 square metre hotel would have 100 guest rooms and 100 serviced apartments.
