4 days ago
- Business
- New Indian Express
Hyderabad's proposed Unity Mall to be redesigned as 50-storey tower
HYDERABAD: The proposed 'Unity Mall' for which excavation work is nearing completion will no longer be limited to a six-storey building but would instead be the tallest mall in Hyderabad.
The government is believed to have approved the revised plans to build the 50-storey tower at a cost of Rs 1,500 crore in PPP mode on the 5.16 acres of land belonging to the Telangana State Leather Industries Promotion Corporation in Raidurg.
According to officials, the redesigned mall will have at least five basements for parking and other facilities, six floors dedicated to hosting exhibitions for textile, handloom and crafts products and 39 floors for commercial usage. The total area of the tower would be 30 lakh sq ft.
The implementing agency of the project is Telangana Trade Promotion Corporation (TGTPC). Officials said that the estimated cost of the project is Rs 1,500 crore and will be built under Public-Private Partnership (PPP) mode.
It may be recalled that the Union government decided to construct 'Unity Malls' across the country under 'One District - One Product' scheme, which is envisaged to exhibit and promote the local handlooms and crafts at one place.
As a part of this, the Union government had allocated Rs 202 crore of which Rs 101 crore was released for constructing the Unity Mall.
Gachibowli land value behind 50-storey decision
Initially, the state government intended to construct the mall with six floors. But, after considering the land value in the Gachibowli area, it was decided to opt for a tower to optimally utilise the land value. Officials said that the Centre has given approval for Detailed Project Report (DPR) for constructing the 50-storey mall. The Airports Authority of India also issued No Objection Certificate.
Meanwhile, Chief Minister A Revanth Reddy reviewed the progress of this project. During the meeting, the officials explained the status of the project. According to the officials, 90% of the excavation work has been completed at a cost of Rs 10.1 crore. With this, the chief minister instructed the officials to speed up the works and call for tenders as early as possible.
