International business hub planned

The second phase of the Financial District, coming up on 400 acres at Gachibowli, would be a broad-based international business region housing the offices of several corporate firms, airlines and others, according to B.P. Acharya, Metropolitan Commissioner, Hyderabad Metropolitan Development Authority.

Talking to The Hindu after inaugurating the first phase of TSI Business Parks in the IT/ITES SEZ at Nanakramguda here on Monday, he said an international media centre would also be planned in the Financial District’s second phase. He said the economic slowdown had not impacted the IT/ ITES SEZ’s, 25 of which were set up in the State. The first phase of Wave Rock, a state-of-the-art, eco-friendly building, provides for about 7 lakh sq.ft of office space in 10 floors. Tishman Speyer’s managing director and country head- India, Rakesh Sharma, said that around Rs.600 crore was spent on the development of the podium and first phase of the building. An equal amount would be spent in the second phase to develop 18 lakh sq.ft. of office space. He said the company had created an India fund of $ 350 million and around $ 180 million was already committed for Wave Rock and development of infrastructure on a 125-acre site in the second phase of the Financial District. It was also concentrating on others projects in Mumbai, Delhi, Kolkata and Bangalore.