Hyderabad: The integrated township project at Tellapur will get further delayed. Though the state government cleared 11 old cases while agreeing to transfer share-holdings of the private agency that bagged the project contract, it could not see light of day. Officials said the project has temporarily been shelved and will now be taken up after June.
A senior Hyderabad Metropolitan Development Authority official said the Tellapur infrastructure project would be taken up only after the Lok Sabha polls. He said the project has to get the nod of the state government, which is currently examining it.
Tishman signed a memorandum of understanding (MoU) in 2007 and paid Rs 446 crore to the government for 100 acres at the rate of Rs 4.46 crore per acre.
The township was to be completed in eight years with a built-up area of 30 million sqft. The entire deal was worth Rs 1,700 crore. As per the memorandum of understanding, the deve-loper had agreed to reta-in revenue share of 5 per cent (without decreasing to 1.25 per cent as per the agreement) and address the conflicting clause of compensation payment common to both parties at 13.5 per cent against 30 per cent payable.
The government also deleted the provision of right of first refusal, which permitted HMDA to sell /auction/transfer any land in the surrounding area.
A special purpose vehicle, Tellapur Technocity Pvt Ltd, was also formed after taking over the land. The project included an SEZ for IT companies and residential spa-ce in 400 acres close to the Outer Ring Road.
