Released on: August 8, 2008, 1:44 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: The audacious bid of Maytas Infra for Metro Rail seems to
have a self-serving side.Maytas has not only foregone the Rs 4,000-crore grant from
the government but has also assured that it will pay the government Rs 30,000 crore
in 30 years.


Press Release Body: The audacious bid of Maytas Infra for Metro Rail seems to have a
self-serving side.Maytas has not only foregone the Rs 4,000-crore grant from the
government but has also assured that it will pay the government Rs 30,000 crore in
30 years.

The bid caught the attention of the Planning Commission, which recommended to the
Centre that it should not entertain requests for funding Metro Rail projects
elsewhere.Now, the group is believed to be looking at expanding the project on two
routes not just to make its bid viable but also to get more value for its properties
by providing connectivity. Satyam, the parent company of Maytas, owns thousands of
acres on the city outskirts which the latter is developing into real estate
ventures.

Official sources told this correspondent that the company planned to take the Metro
Rail beyond Shilparamam to Sankarpalle on the Line 3 and to Patancheru beyond
Miyapur on Line 1. In both the places, Maytas has taken up or has proposed to build
mega residential and commercial ventures, including Hill County, spread over
hundreds of acres.Sources said the government had agreed to give the company the
opportunity to expand routes and therefore additional land. \"A clause in the
agreement of Kakinada port clearly gives the first right of refusal to the existing
developer over future expansion,\" a senior official said. Similar leverage could be
given to Maytas for the Metro, he said.The Hyderabad Metro Rail Corporation managing
director, Mr N.V.S. Reddy, said there was lot of pressure on the government to
extend the Metro Rail route to Patancheru and Alwal. Referring to the argument that
metros in the west are making losses, Mr Reddy said the high density of population
would ensure revenues. Nine lakh commuters are already travel every day on the LB
Nagar-Kukatpally stretch. \"The Maytas proposal would click if 26 lakh passengers
travel by 2026.\" Maytas was not available for comment.......

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