The Hindu Business Line : Lanco building world’s tallest residential complex

Lanco Infratech Ltd, part of the Lanco Group, is developing what it claims will be the world’s tallest “residential building” ‘Signature’ near Hyderabad, hosting 100 stories and designed by renowned architects, Atkins of the UK.

The group has also roped in Grand Hyatt to locate a 400-room luxury hotel and a 350-room business hotel project of Holiday Inn, in the Lanco Hills, work on which has begun.

The Bangalore-based Mantri Developers had earlier picked up 24 per cent equity in the company’s special purpose vehicle for Lanco Hills project.

The Managing Director of Lanco Infratech, Mr G. Venkatesh Babu, told Business Line that this would be the tallest anywhere in the world when it comes to residential property. However, a few office complexes are taller than the proje ct planned by Lanco.

Atkins have designed the famous Burj-ul-Arab Hotel, located on the Dubai shore. Signature will be ready four years from now.

Mr Babu, along with the CEO of Lanco Hills Technology Park, Mr Pochender Shenigarapu, said that the project would form part of the Rs 5,500-crore integrated techno-township developed by Lanco in a 108-acre site acquired through competitive bidding process from the Andhra Pradesh Industrial Infrastructure Corporation Ltd.

The project that included IT SEZ, would have facility to host 75,000 technology employees in the SEZ with a built-up space of 5.5 million sq. ft. in IT SEZ and 2.5 million sq. ft. in non-SEZ area for IT companies.

Financial tie-ups

The company plans to build 30 million sq. ft. in the site and has roped in Cushman & Wakefield for marketing the company developed office space.

Asked about financial tie-ups, Mr Babu said that the company has achieved financial closure for Rs 600 crore, which includes Rs 400 crore of debt and Rs 200 crore in equity. The company has already roped in Mantri Developers, part of Sushil Mantri Group, and its partners Morgan Stanley in the project.

The company has pegged Lanco Hills as a destination city, on which work had commenced about nine months ago for issues relating to site levelling and other support infrastructure. Located about 1.5 km from the Expressway planned to connect the new International airport, the company claimed it has received lot of interest from multinational companies for both office and residential space.

Related Stories:
Lanco to develop residential township

More Stories on : Real Estate & Construction | New Projects

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page