Hyderabad: The six-lane skyway project at the Jubilee Hills Checkpost has hit a roadblock as the government needs to acquire nearly an acre from the consortium of the Jubilee Hills Landmark Project, but the developer has offered to give up the 5.85-acre site.
The consortium argues that its investment of Rs 335 crore on land has been stuck for the last 10 years due to the real estate slump and delay in granting approvals from the government. As a result, they have already suffered huge losses.
They have said that if some portion of the land is acquired again, the project will plunge into a deep crisis. They have offered to return the land provided the government pays a compensation up to '800 crore as per existing market rate and an interest burden for 10 years,” said an official of the municipal administration wing.
The consortium had planned to construct a star hotel, multiplex, retail outlets and multistoreyed residential buildings on this site. It is of the strong opinion that these ventures will not work if they are built on the city’s outskirts.
The government has thus ordered halting of the skyway works for now.
A senior GHMC engineering wing officer said, “We have submitted a fresh proposal altering the skyway design without touching the site.”
However, the CMO is learnt to have rejected the fresh proposal citing that the altered design would make the skyway congested and not serve the intended purpose. The government has constituted a five-member committee of senior IAS officers headed by the chief secretary to find a “legal way out” for the project.
