HYDERABAD: The Hyderabad Urban Development Authority (HUDA) awarded the Tellapur Integrated Township project to the consortium of Nagarjuna Constructions, ICICI Venture Capital and US-based Tishman Steyer India Master Fund on Friday.

The consortium turned out to be the lone bidder when the bids were opened after an extended deadline on January 31 for technical and financial evaluation.

The technical evaluation itself took two days for HUDA officials.While HUDA fixed the upset price at Rs.4 crores per acre, the bid was for Rs.4.21 crores per acre, according to HUDA Vice-Chairman Jayesh Ranjan. The consortium would now have to prepare a detailed project report for the capital-intensive project in the city and it is expected to take about six months. The work on the project is likely to commence after that and would be completed in three years, Mr.Ranjan said.

Tellapur integrated township, to come up on 400 acres along the proposed Outer Ring Road and close to financial district, is the first of its kind project in the city with huge capital investment.

Though contrary to the expectations, Tellapur project did not evoke much response from the developers as was the case with earlier HUDA ventures, the HUDA officials were not unduly worried about it. Not all developers would have the required expertise and wherewithal to handle a project of such a magnitude, he added.

The developers would have to invest close to Rs.3,500 crores, including the land cost for developing the integrated township that would be developed on the lines of self-sufficient one with work, residential, commercial, entertainment, recreation spaces and essential services including utility, fire safety and security located in the township. But all the development should adhere to the exclusive planning guidelines prepared by HUDA, Mr. Ranjan said.

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