Lanco plans Rs 4000 cr IT park in Hyd

Lanco Hills Technology Park Private Limited, belonging to the Lanco group, proposes to build one of the largest integrated IT parks in Hyderabad at a cost of Rs 4,000 crore.

Project work was expected to begin next month. The Hyderabad Property Project was likely to be completed in four years.

According to Lanco group vice-chairman, G Bhaskara Rao, the project will consist of 8 million square feet (sft) of IT-related built-up area, an equally large residential complex, 2.5 million sft shopping mall, 12 multiplex theatres, two star hotels and one tower for office space.

Lanco has purchased 100 acres from the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) at a cost of Rs 427 crore in Manikonda, about 18 km from the upcoming Hyderabad International Airport, for the construction of the IT park.

The "Walk to Work" concept that would provide the occupants the flexibility of living within walking distance of their work place will be provided in the proposed project, Rao told Business Standard.

He said that the company would be investing Rs 500 crore in the project, of which Rs 375 crore had already been secured as loan from a consortium of banks led by Punjab National Bank.

The project would be completed in two phases and the first phase is expected to completed in two years.

Lanco has applied to the Airports Authority of India (AAI) for a no-objection certificate to construct buildings.

Rao said that the company had so far received AAI approval for 15 buildings out of the 28 buildings applied for.

While the residential space will comprise apartments from studios to three-bedroom apartments, the commercial space will have amenities such as modern fitness and recreation centres, health clinics, food courts, cafeterias, banking and foreign exchange facilities.

Retail space is intended to be a one-stop shopping and recreational space for people working as well as staying at the place.

Lanco proposes to build high-rise residential buildings of 20 to 25 floors.

"We also plan to construct a building with 70 floors, which would make it one of the tallest residential buildings in southern India," Rao said.

The company expects to enter into a development agreement with APIIC by next month and thereafter appoint an EPC contractor to execute the project.

It has already appointed separate architects and designers for the IT park and the housing project.

Thanks Akash