TSI Ventures and ICICI Ventures sign agreement with HUDA

Bangalore, Aug 10 (UNI) The city-based TSI Ventures, a joint venture of Tishman Speyer and ICICI Ventures, today announced signing of an agreement with the Hyderabad Urban Development Authority (HUDA) for setting up a 400-acre integrated township project in Tellapur, near Hyderabad.

To be implemented in partnership with the Nagarjuna Constructions, a Special Purpose Vehicle (SPV) Tellapur Technocity (P) Ltd had been floated for the project.

TSI Ventures, in a release here, said internationally renowned planning and architectural firm Pei Cobb Freed and Partners LLP, with Vastu Shilpa Consultants would design the township.

The development agreement represented an important milestone in the anticipated eight-year project, which would include more than 30 million sq ft of Class A commercial, residential and mixed-use space the release said.

The project, estimated to be valued close to Rs 12,174 crore, would become a landmark urban node in Hyderabad, and would see an entire community developing in Tellapur, located about three miles from Hyderabad's central business district.

The township would serve the commercial and residential needs of one of India's fastest-growing cities and information-technology centres.

UNI