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L&T to develop commercial space with Hyderabad Metro
Hyderabad: L&T Metro Rail Hyderabad Limited (LTMRHL) plans to develop six million square feet of real estate at a cost of about Rs.2,300 crore under the first phase as part of Metro rail project, which is expected to be commissioned in July 2017.
Of this 1.1 million square feet of retail and office space is under construction and will be ready next year, announced LTMRHL chief executive and managing director V.B. Gadgil.
Gadgil said 40 percent of the commercial space under development has already been booked.
The construction major, which is building 71.16 km elevated Metro rail in public-private partnership, has already achieved financial closure for the first phase of Transit Oriented Development (TOD), which is scheduled to be completed with the commissioning of the Metro.
L&T also plans to take up development of 12.5 million sq.ft. of space over next 10 years. This may require more than Rs.5,000 crore. “We will raise this money from our internal accruals or borrowings,” Gadgil told reporters.
This will take the overall investment by the L&T in the integrated project to over Rs.20,000 crore.
In 2011, LTMRHL achieved financial closure for Rs.16,375 crore – Rs.14,132 crore for Metro rail system and Rs.2,243 crore for first phase of Transit Oriented Development (TOD).
The TOD is being taken up at multiple locations, including the land parcels given by the state government, Metro stations and depots.
Unveiling ‘Hyderabad Next’, the brand of TOD, Gadgil said it would offer office space, retail, hospitality, healthcare and mixed use.
By providing ample parking, work, shopping, leisure, entertainment and healthcare, the construction major promises to improve the quality and standard of living in Hyderabad.
“Hyderabad Metro rail will uniquely cater to the needs of commuters as well as the non-commuters of its adjoining/adjacent neighbourhoods due to its design as a foot over bridge, coupled with unique total retail space of about 0.45 million sq.ft. on all 64 stations,” he said.
Dominos, Politos, Medplus and Amul are among the brands which have already booked the space. State Bank of India (SBI) will have one ATM at each station while Bank of Baroda and Corporation Bank will have their ATMs at 20 stations each.
When fully commissioned, the developer expects 45-50 percent revenue from fare collection, 40 percent from TOD and 10 percent from advertisements.
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.