« | Home | »

Properties near metro stations can be turned commercial soon

Comments Off on Properties near metro stations can be turned commercial soon   |   January 1, 2014    02:21pm   |Contributed by manoja

HYDERABAD: Land owners having properties within 300 metres of the proposed Hyderabad metro rail stations would soon be able to utilize their properties as per the new guidelines on Transit Oriented Development (TOD) prepared by the Hyderabad Metropolitan Development Authority (HMDA).

Under the new rules, owners can use their property for developing malls, office spaces, hotels, restaurants, service apartments, hospitals, health clubs, high street retail business, entertainment zones or hostels, apart from residential purpose. Officials said 19 locations have been identified for such development – Miyapur, Kukatpally, Balanagar, Moosapet, Bharatnagar, Ameerpet, Punjagutta, Erramanzil, Khairatabad, Nampally, Nagole/Uppal, Tarnaka, Mettuguda, Parade Grounds, Rasoolpura, Hitec City, Raidurg, LB Nagar and Moosarambagh.

The guidelines have been prepared by the urban development authorities with the help of M/s Jones Lang Lasalle Property Consultants (India). Interestingly, the HMDA itself has asked the consultant to prepare a model development project for commercial exploitation of their land at Balanagar and surrounding areas.

Sources said the locations have been finalized based on parameters like densification, scope for redevelopment, pedestrian facility, parking space, access to transit stations and multi-modal transportation. “The aim of TOD is mainly to make use of public transportation and discourage personal vehicles. The areas would have wider and uniform footpath and the buildings should have minimum six metres frontage. Parking space is very limited and more parking fee would be charged to discourage personal vehicles. The areas are well connected to different modes of travel like bus, metro rail and MMTS stations,” an HMDA official said. The Delhi Development Authority (DDA) had already prepared TOD near the metro stations. Similarly, New Raipur also came up with similar rules recently.

Interestingly, Hyderabad metro rail project developer Larsen and Toubro was permitted by the municipal administration and urban development (MA&UD) department to go for commercial exploitation of the government land around the metro rail station. As per the agreement, the developer can exploit the space up to 18.5 million square feet (sft). While 12.5 million sqft at metro rail terminal locations like Miyapur, Falaknuma and Nagole can be exploited, six million sqft could be utilised near 66 metro rail stations. HMR had agreed to transfer 269 acres land to the metro rail developer for executing the project. Of the total land, 57 acres of both government and private land was handed over at 66 metro stations while the balance are for construction of metro rail depots, stations, passenger facilities as well as commercial purposes.

Officials said once the guidelines are approved, development control regulations would be prepared by the authority on the permissible height and minimum Floor Space Index (FSI) in the 300 metre area. When contacted, HMDA metropolitan commissioner Neerabh Kumar Prasad said the guidelines have been sent to the state government for clearance. He added that the government is likely issue a GO very soon.

http://timesofindia.indiatimes.com/city/hyderabad/Properties-near-metro-stations-can-be-turned-commercial-soon/articleshow/28156814.cms

News Published Under:   Hyderabad | Comments Off on Properties near metro stations can be turned commercial soon



Comments are closed.