The Andhra Pradesh government on Monday allotted 471 acres of land to the Andhra Pradesh Industrial Infrastructure Corporation at Sultanpur village in Medak district for the development of the first phase of the Hyderabad Economic City .HEC will be developed by the Ras Al Khaimah Investment Authority of UAE in association with APIIC, AP’s information and public relations minister said after a cabinet meeting. The investing agency had sought 2,000 acres for the HEC. The remaining land would be given in due course, an APIIC official said.
Ras Al Khaimah and APIIC signed a memorandum of understanding in September last year for the development of HEC with a proposed investment of Rs 20,000 crore (Rs 200 billion). It would be an integrated financial hub with infrastructure facilities for financial services operations for banking, insurance and asset management companies. The project would also have an integrated health city that would include facilities for clinical and non-clinical services, hospitals, and medical colleges, research services for clinical trials, drug delivery systems, stem cell research and genetic research among other things, according to sources.
Ras Al Khaima Authority (RAKIA), is the government body responsible for the socio-economic growth of the emirate. The MoU was signed by Wahid Attalla, Member of the Board, Rakeen, the real estate development arm of Ras Al Khaimah Investment Authority (RAKIA), and APIIC Chairman and Managing Director B P Acharya, in the presence of Andhra Pradesh Chief Minister Y S Rajasekhara Reddy.
The financial component of the mega project will include infrastructure facilities to support a full range of financial services, while the state-of-the-art health care city will provide complete facilities for clinical and non-clinical services. Hyderabad Economic City is part of several large-scale satellite townships being developed by RAKIA and master developer Rakeen in several key cities across India.
Commenting on the MoU, Dr Khater Massaad, CEO, RAKIA said: “The partnership with the Andhra Pradesh government for the development of the Hyderabad Economic City is in line with RAKIA’s strategy to fortify its portfolio of global investments. India’s fast-growing economy has opened a wide range of business opportunities, and we intend to build on this momentum to further expand our activities in the country and across the region. Furthermore, we believe that this new development will strongly support India’s continued economic progress and open more opportunities for growth and prosperity.”
Hyderabad Economic City’s financial sector will provide essential infrastructure to support back-office operations for insurance and asset management companies.
This is the largest real estate and infrastructure project coming up in Andhra Pradesh and is expected to provide quality employment to thousands of people. RAKIA is a world renowned and much respected investment body that is cash rich. Executing a project of this magnitude is well within their capability.
Residential areas adjacent to Sultanpur such as Ayilapur, Kistareddypet and Patelgudem will be the most sought after destinations and are likely to considerabaly appreciate in value.
B. HARI PRASAD
SOURCES : The Hindu, Business Standard, Rediff.com, Financial Express.com, Arabiannews.com, Gulfnews.com