Two colossal commercial centers anticipated
Hyderabad: Realty development along the Metro Rail corridors I and III is being undertaken simultaneously with construction of the elevated rail line and the erection of pillars.
With the objective of making the project financially viable, the development has been made part of Transit Oriented Development along the Metro Rail corridors and depots. Two colossal commercial complexes are going to be established at Hi-tech City and Panjagutta along the Metro Rail corridors within the first phase. These two mega complexes would be directly connected to the stations at Hi-tech City and Panjagutta via sky-walks, to reduce traffic congestion and sustain a smooth and gradual flow of traffic on these two busy stretches.
Construction works on the two-acre sites allotted by the state government at Hi-tech City and Panjagutta have already been initiated by the HMR project developer L&T in order to develop the commercial complexes.
A salient feature of these commercial complexes would be that they will be developed in accordance with international standards embracing adequate greenery and no boundary walls. Basement parking and cellar parking facilities would be provided to safeguard the commercial complexes from posing any problems pertaining to traffic.
As per the MD, HMR. L&T – N.V.S. Reddy, for phase one, engagement in real estate development would be first initiated at Hi-tech City and Panjagutta. Sundry internationally acclaimed model cities such as London, Paris and Singapore were visited to study similar projects there, and the studies conducted there would be practiced and adopted by these office complexes. Initial plans have been devised to develop about 6 million square feet from the total of 18.5 million square feet.
However, before making commercial leasing available to others within these shopping complexes, the project would be required to first commissioned by the project developer.
Such developments are the prime focus of L&T to generate revenues to make the project financially viable, as the government has fixed the minimum ticket price for Metro Rail at Rs. 8.
