Hyderabad: Skyway hits Jubilee Hills Landmark Project hurdle

ICICI consortium says can't just part with an acre of its site.

Hyderabad: The six-lane skyway project at the Jubilee Hills Checkpost has hit a roadblock in the form of the Jubilee Hills Landmark Project. The government needs to acquire nearly an acre from Landmark but the project developer apparently has offered to give up the entire 5.85-acre as any land acquisition here will derail their project plans.

In the costliest real estate deal in the city in 2006, the ICICI Ventures-led consortium had purchased the land for a whopping Rs 335 crore from the government. The consortium is now seeking up to a Rs 800-crore compensation to hand over the land. While the cost of the skyway has been pegged at Rs 500 crore, the government feels paying a '800-crore compensation would make the project financially unviable.

The government is exploring other options like offering alternative land on the city’s outskirts similar to what was done by the Rosaiah government in undivided AP in 2010 when it offered 3.12 acre to Kurnool MLA T.G. Venkatesh near Shamshabad airport, when his land was acquired for the Outer Ring Road.

“The government has offered alternative land on the city’s outskirts in lieu of the existing land. But the consortium is not in favour of this since the project they had envisaged on this site would be suitable and viable only at Jubilee Hills.

( Source : Deccan Chronicle. )
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