Financial Daily from THE HINDU group of publications
Monday, Jun 12, 2006
Industry & Economy
Real Estate & Construction
States - Andhra Pradesh
Lanco to develop residential township
V. Rishi Kumar
Twelve towers each of up to 20 levels designed for IT and ITES companies.
Sixteen residential towers each of about 30 levels.
Mega mall complex and two hotels.
Vijayawada , June 11
The Lanco Group has sewn up plans for a mega techno-residential township of 18 million sq ft that would come up in a 100-acre site near here with an investment outlay of about Rs 3,600 crore.
The Lanco group Chairman, Mr L. Madhusudhan Rao, told Business Line that the magnitude of the project was such that this will effectively create a larger capacity than the existing Hitec City area near here, where a majority of the IT companies have set up shop. The project, to be taken up through a strategic partner, would be completed within three years.
"We plan to unveil the project in August, and a leading Mumbai-based designer has been roped in for its design. The company expects to tap into other metros following up on their capability to handle infrastructure projects," Mr Rao said. Giving an overview of the mega office-cum-township project named Lanco Hills, Mr Rao said that this would be a mixed development project that will have a built-up space of about 18 million sq ft, featuring top-notch office space, residential facilities and large recreation zones.
The company is planning a 90-storey building, which could potentially be the tallest such structure in the country. Since this comes in a special zone, clearances would be formality, the company said.
With regards to the office space, the company is planning 12 towers each of up to 20 levels that would be custom designed for IT and IT-enabled services (ITES) companies and this would form part of the Knowledge Corridor that the State Government is in the process of developing, he said.
Apart from developing 16 residential towers each of about 30 levels, this project will host a mega mall complex and two hotels - a five-star and a four-star one. The mall will have a built up space of about two million sq ft, with multi-level parking space.
In all, the township will have 7.5-million sq ft. of office space and 8 million sq ft of housing facility in addition to the mall and hotel complexes.
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