Telangana’s first integrated township will soon come up at Tellapur in Ranga Reddy district. The project, revived more than a decade after it was originally planned, will be taken up jointly by Tellapur Techno-City Project Limited (TTPL) and Hyderabad Metropolitan Development Authority (HMDA). The township, which was approved by the municipal administration recently, will be developed on 100 acres of land. While HMDA will provide land and some infrastructure facilities including roads, drinking water, sewer lines and electricity, the developer will construct the township.
The proposed township is ideally located as it is close to the financial district and the new IT corridor. As per the agreement, the developer will give either five per cent revenue share or Rs 78 crore a year whichever is higher to HMDA. Also the developer is required to submit a master plan to the HMDA before construction.
The township project under public private partnership mode was originally conceived by the YSR government in 2007 to develop a special economic zone on 400 acres of land for IT companies, offices and residential spaces, close to the Outer Ring Road.
The developer, Tellapur Techno-city Project Ltd, proposed to build the SEZ with a consortium led by Tishman Speyer, a multinational construction company, the Nagarjuna Constructions Company and ICICI along with the erstwhile HUDA on a revenue-sharing model. Tishman Speyer then signed a memorandum of understanding and paid Rs 420 crore to the government for 100 acres, at Rs 4.21 crore per acre. The township was to have been completed in eight years with 30 million square feet built up area. The total deal was worth Rs 1,700 crore for 400 acres.
The rest of the money was to be paid within six months but the developer failed to do so due to a slump in real estate markets and the project failed take off. With the formation of Telangana state, company promoters approached the new state government to revive the project.