HMRL to sell Asia\'s biggest precast yard in Uppal to mop up Rs 600 crore
HYDERABAD: Hyderabad Metro Rail Limited (HMRL) has decided to convert its precast yard, which is Asia's biggest, into a real estate venture. It will auction 42 acres of land in Uppal Bhagat and mop up Rs 600 crore. The nodal agency has floated tenders for development of the project.
HMRL used the site to prepare pre-cast structures such has viaducts and pillars for the Metro Rail corridors. In preparation, it has translocated about 45 trees at an estimated cost of Rs 7.51 lakh. The agency will conduct e-auction for about one lakh square yards dividing them into blocks of 200, 300 and 600 square yards.
According to highly placed HMRL sources, the nodal agency will primarily develop 20 acres of land. It has started laying 40, 60 and 100 feet roads at the site. Providing amenities like green avenues, public parks and drinking water and sewerage connections are in the pipeline.
As per Hyderabad Metropolitan Development Authority's land use norms, barring 30 per cent for roads and 10 per cent of land for amenities, the agency would get plot area anywhere between 55 and 60 per cent. The plot size will vary as per the market potential. The authorities are yet to take a call on allocating space for residential and commercial purposes. This is likely to be discussed with the state government in a month’s time.
A top official, on condition of anonymity, told Deccan Chronicle that since HMRL has concluded the precast works at Uppal Bhagat, the executing agency is left with the left around 72 acres of land. He said that tenders were invited to develop 42 acres of land and instructions were given to horticulture and forest wings to remove and relocate useful trees that are likely to obstruct roads. Since the works are progressing at a brisk pace the venture will be developed within a month.
The official said that as per preliminary discussions, the HMRL would first develop 20 acres and later the remaining 22 acres. He said that since the venture is already out of the buffer zone, the HMRL would not have much land when compared to other lands developed by HMDA.
Based on the state government’s decision, it will complete the project and conduct e-auction for the first two acres in three months to mop up at least Rs 300 crore. The plot would have both commercial and residential spaces based on the market potential. Presently, the market price of a square yard in Nagole is Rs 60,000.
HMRL has another precast yard at Quthbullapur, of 64 acres. This site will supply precast structures for the construction of the corridor connecting the IT corridor to the Rajiv Gandhi International Airport at Shamshabad, and possibly the Old City corridor.
