Hyderabad: Before the Hyderabad Metro Rail service begins operations, L&T, the concessionaire of the metro project, wants to start commercial operation of the real estate component of the metro rail project.
Sources in L&T said that the company has written to the state government requesting permission to commence the commercial operations of two malls constructed at Panja-gutta and Hitech City on land given by the state government.
L&T said that the construction of the rail system has been delayed for various reasons and the concessionaire is committed to fulfilling its obligations under the concession agreement within the time lines specified by the government.
L&T said that huge investments have been made by the sub-licenses and they must start getting a return on their investment.
As part of the real estate development of the metro rail project, the concessionaire is required to develop 18.5 million square feet of real estate space.
The two malls at Panjagutta and Hitech City are ready. These malls have a sub licensable area of around 0.50 million square feet and 0.19 million square feet respectively.
According to sources in L&T, they have received requisite statutory approvals for operation of these two malls, including the occupancy certificates from Greater Hyde-rabad Municipal Corporation (GHMC).
Ninety per cent of the space in the two malls has been leased out to reputed brands such as PVR, MAX, Lifestyle, Amity, Shoppers’ Stop, Reliance, ITC, and the Aditya Birla group, and most of the brands are ready to start commercial operations. Officials in the municipal administration department said that the state government has to take a decision in this matter.
