ADAG, Sobha team to build India's tallest building
A consortium lead by ADAG Group company Reliance Energy and Bangalore-based Sobha Developers has succeeded in their bid to build India’s tallest building ever built.
Sources said, APIIC Towers, will be developed on 78 acres of land in Manchervelu on the Express Highway to the upcoming Hyderabad International Airport. Reliance Energy will hold 66% while Sobha Developers will hold 23%. The balance stake of 11% will be held by APIIC (the AP Government’s investment arm).
It is learnt that the first phase of the project will consist of a 100-storey twin tower complex on 30 acres of land. The total project cost is pegged at Rs 6,000 crore. Work on the project will commence next year and is to be completed in three years. The project itself is coining up with certain conditions like milestone achievements.
“In two years, the company has to show signs of progress. If the state government is satisfied with the progress, then land for the second and third (final) phases will be handed over,” sources added.
When TOI contacted ADAG, the spokesperson confirmed winning the bid to construct the towers, but did not divulge any detail on the project or its partners.
The twin towers will have about 4.5 million sq ft of built-up space. The total project will have 11 million sq ft of built-up space. There will be residential complexes, hotels, serviced apartments, and malls to make it an “all under one roof” integrated structure, sources said. The tower is expected to be completed by 2010.
It is learnt that some 23 developers had bid for the project, including Reliance Industries, DLF, Unitech, Mantri Developers, Hiranandani and besides companies from Israel and Malaysia.
The AP Government feels that the proposed twin towers will be the centre piece of all developments in the region.
Source: The Times of India
