Huda plans joint development

The state government is planning a joint development to raise revenue out of Empire, which otherwise is popularly known as Kokapet land, in the city outskirts. With Hyderabad Urban Development Authority (Huda) failing to attract buyers for the 75 acres out of 100 acres put for auction, the government has changed its strategy.

Official sources said Huda was asked to explore the possibilities of developing land under the public-private partnership instead of putting up the land for auction again. “Instead of putting land for auction, the agency would ask the developers to compete for the joint development and pick the one that quoted high rates for the government,” said a chief operating officer of a real estate company.

“New Delhi-based Omaxe, which bid for 25 acres in Kokapet, evinced keen interest in joint development,” a senior official said, adding that two more real estate giants — Unitech and DLF — also want to become partners in the new initiative. The officers were also considering restricting access to joint development only to a few companies with credibility. No final decision has been taken yet.

“Companies that already bid will be interested in taking up the project at the same place,” the official said. The state government transferred 400 acres of land in Kokapet to Huda out of which 125 acres were already earmarked for IT SEZ and 25 acres were recently sold out in auction.