No sale of property: L&T Metro Rail Hyd.

L&T Metro Rail Hyderabad (L&TMRH) on Thursday stated that there had been no sale of immovable property of the Transit Oriented Improvement (ToD) land earmarked at Raidurg and handed over by the State Authorities for making use of actual property throughout the concession interval of working the Hyderabad Metro Rail venture as per the Concession Settlement signed beneath the Public, Non-public Partnership (PPP) mode.

The Board of L&T Metro Rail (Hyderabad) Restricted and Authorities of Telangana had allowed L&TMRH to monetize the sub-licence rights in ToD land at Raidurg and the identical had been intimated to the BSE (Bombay Inventory Change) on Wednesday publish approval of the shareholders on the extraordinary basic physique assembly.

The sub-licensing rights have been just for the remaining interval of the Concession Settlement. Some extra approvals have been awaited and solely after acquiring that will the transaction be accomplished. The transaction worth would even be finalised after acquiring all needed approvals, it stated in a press launch.

L&TMRH, as per the Concession Settlement, can exploit the 269 acres handed over by the State Authorities for actual property industrial use for 35 years and this may be prolonged as much as 25 years extra following fulfilment of sure circumstances by the stakeholders. The agency can construct as much as 18.5 million sq.ft of house on the stations and depots of Uppal and Miyapur throughout this era.

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