AP Cabinet nod for satellite townships

Hyderabad, Aug 1 (UNI) The Andhra Pradesh Cabinet today gave its approval for development of self-contained satellite townships along the eight-lane Outer Ring Road being developed to regulate the growth of the city.

The Cabinet allowed the Hyderabad Urban Development Authority to enter into a Memorandum of Understanding with developers and others concerned to jointly develop Srinagar and Tellapur townships, Information Minister A Ramanarayan Reddy told reporters here.

Tishman Speyer India Master fund and ICICI would hold 37 per cent equity each and Nagarjuna Construction Company 26 per cent in the Tellapur township venture, he said.

The Cabinet approved Joint Development Model for Srinagar township, permitted the HUDA to select the developor through ''Swiss challenge'' method and collected development premium of Rs 100 crore, he added.

UNI