Reliance & APIIC 100-storey tower at Manchirevula in HyderabadHyderabad, Sept. 27: The much talked about 100-storey trade tower by the Anil Dhirubhai Ambani Group in the city outskirts has got a breather after it overcame a major environmental hurdle.
The Hyderabad Metropolitan Development Authority recently reported that the Manchirevula village, where the tower has been proposed, did not attract the prohibitory orders in place for the catchment areas of the twin water bodies of Osman Sagar and Himayat Sagar. The report will help the project get a clearance from the Pollution Control Board.
Official sources said that a team from Reliance will also meet officials of the AP Industrial Infrastructure Corporation on October 4 about certain changes to the timelines to bring viability to the project. The ADAG won the international bid for the trade towers paying '6 crore each for the 80.27 acre-area. A Special Purpose Vehicle, CBD Towers Private Limited, had been formed with Reliance having 89 per cent stake and the rest being with APIIC.
"Manchirevula is downstream and not in the catchment area of the water bodies," a senior HMDA official pointed out. While the government has also imposed restrictions on development within 500 meters of the downstream area, the proposed project site is more than 2 km away.
The ADAG paid 180 crore for building the tower in the first phase in 30 acres but had not gone further due to recession. Sources said that the company has now asked for a change in the deadline to avoid penalty and has also requested the government to allow it to launch the entire project at one go.
"The company is also asking for a change in the earlier condition that the remaining 50 acre for the financial district would be handed over only after the trade tower was built," a senior APIIC official said.Source: DC 28/9/10