Financial Daily from THE HINDU group of publications
Tuesday, Jun 11, 2002
Industry & Economy
Variety - Sports
National games township coming up at Cyberabad
Ch. Prashanth Reddy
Construction workers busy at the site of the national games village being built by IVRCL in Hyderabad.
HYDERABAD, June 10
THE 2002 national games at Hyderabad will witness a mega ultra-modern township at Cyberabad in the midst of institutions such as Infosys, Indian School of Business, University of Hyderabad, IIIT, CMC and the Jawaharlal Nehru Institute of Development Banking. The township is an offshoot of the national event.
Though it is an institutional zone where housing projects are not permitted, the State Government has carved out 108 acres land from the 2,300-acre campus of the University of Hyderabad to build a games village comprising of indoor and open air stadia, swimming pool and 13 lakh sq ft built-up area, to accommodate participants. The total project cost is Rs 130 crore.
Out of the 108 acres, the stadium is being built in an area of 58 acres and in the remaining 50 acres of land, an integrated township called "Hill Ridge'' is being constructed by IVR Prime Urban Developers Ltd, a subsidiary of IVRCL Infrastructures and Projects Ltd. The township premises will be sold to those interested in acquiring property at the place.
Hill Ridge boasts of lavish residential apartments with floating gardens and independent villas with landscaped meadows and water bodies, apart from a clubhouse, shopping malls, multiplexes, commercial complexes and food courts. It is also planned to provide a captive power plant, an amphitheatre, gymnasium, swimming pool, parking space for 900 cars and a four-lane driveway from the main road to various drop-off points.
According to IVRCL Director, Mr E. Sunil Reddy, in the first phase, 130 apartments and 123 independent villas will be constructed. These will be completed by August and handed over to the purchasers after the national games in November, this year.
Already 70 apartments and 50 per cent of the independent houses have been booked, though the company is yet to start marketing the two, three and four bedroom premises and pent houses. Mr Reddy told Business Line that Housing and Urban Development Corporation (Hudco) proposed to purchase 3-lakh sq ft of built-up area in Hill Ridge to establish an IT Habitat Centre. Negotiations are currently on between IVRCL and Hudco in this regard.
He said Ernst & Young had done the feasibility study pertaining to the establishment of a huge shopping mall and a clubhouse at the township in the second phase. The study also revealed that the two establishments in the area had good potential.
IVRCL was also planning to enter into a joint venture with an American company for the maintenance of the township in future.
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