A consortium led by Tishman Speyer and ICICI Venture in partnership with Nagarjuna Construction Company - has been selected by the Hyderabad Urban Development Authority ('HUDA') to develop India's largest integrated township on a 400-acre site in Tellapur, Hyderabad, India, the first of its kind under a public-private partnership.
The project, which will include approximately 20 million ft² of primarily Class A residential and office components and complementary retail, civic and cultural amenities, is expected to cost the partnership US$2 billion to develop. When completed, the development will be home to over 30,000 people and will provide office space that will generate over 35,000 jobs. The project is, by far, the first publicprivate partnership of its size for township development in India.
The new community, which will serve the critical commercial and residential needs of Hyderabad, one of India's fastest-growing cities, will be located strategically just three miles from Hyderabad's Central Business District on a direct route to the area's new international airport. The CBD already is seeded by a cluster of companies such as Microsoft, UBS, Computer Associates, Franklin Templeton and Infosys.
Hyderabad has emerged as the nation's center of information technology business activity and is home to the Indian School of Business, which is affiliated with Northwestern University's Kellogg School in the United States. For TSI Ventures, which will serve as development manager, this is the second project to be launched since it was formed by Tishman Speyer and ICICI Venture in 2005. In September 2006, the venture announced that it would develop 1.6 million square feet of Class A office space in the Central Business District.
TSI was formed for the purpose of developing high-quality office, residential and mixed-use properties to meet the space needs created by India's burgeoning economy.
Katherine Farley, Senior Managing Director of Tishman Speyer, commented: "We are extremely pleased to have been selected to develop this important project. Hyderabad is one of India's most dynamic and rapidly developing cities, which has created an urgent need for world-class office space and housing to meet the requirements of multinational corporations. We look forward to working closely with ICICI Venture on this, and also with Nagarjuna Construction Company and HUDA, to create a showcase community."
Renuka Ramnath, ICICI Venture, CEO & Managing Director, said: "This is a significant project for us as I believe that it will be an epitome of the Indian growth story and serve as a model for development throughout Asia. We are proud to work with our partners Tishman Speyer, Nagarjuna Construction Company and the Hyderabad Urban Development Authority to make it a reality."
A. Ranga Raju, Nagarjuna Construction Company Limited, Managing Director, said: "Hyderabad is one of the fastest developing cities in the country and the Mega Township at Tellapur will certainly change the skyline of Hyderabad. NCC is proud to be part of this prestigious partnership with Tishman Speyer and ICICI Venture for developing one of India's largest integrated townships in Andhra Pradesh."
Source: FD
