Tirupati, Nov 12 (UNI) To tide over its financial crisis, the Tirupati Urban Development Authority (TUDA) has recently signed an MoU with the EMARMGF, a joint venture company of the Dubai-based EMAR, for developing a township at Surappakasam near Renigunta airport, about 12 km from here.
According to TUDA Vice-Chairman P Mohan Reddy, the joint venture became a reality after decks were cleared for the proposed township, expected to yield a sizeable monthly income to the cash-starved civic unit which was in crisis since its inception in 1982.
The recent clearance of a litigation by the High Court in favour of TUDA for land acquisition paved the way for the execution of the multi-crore project, which would ease congestion in the town, besides bringing in revenue for TUDA, Mr Reddy said.
Mr Reddy said the EMAR had pumped in about Rs 4,500 crore in various projects in the country and was likely to invest about Rs 1,200 crore for the development of the proposed township in a sprawling 140-acre land. Star hotels, commercial complexes, health club, educational institutions and recreation centres would be part of the township, Mr Reddy added.
The project was likely to fetch about Rs 1,800 crore for the developer, while the TUDA was entitled to 15 per cent share on the sale (about Rs 200 crore). The proposed township, near the expressway to Chennai and the Renigunta airport, was scheduled to start within a year and be completed in seven years, Mr Reddy said.