Hyderabad L&T Metro Rail released a press release on Thursday saying that it has not sold the commercial building in Raidurgam, but only sub-leased it. After reports surfaced online about the alleged sale of land that the State government purportedly allotted including the Real Estate Guru along with many media houses published stories, it released a statement to clarify that it has monetized the sub-license rights in transport-based development. The Board of L&T Metro Rail (Hyderabad) Limited evaluated the situation and gave its nod, as well as that of the State government, to the sale of the sub-licence rights pertaining to the Transit-Oriented Development (ToD) site at Raidurg.
The Bombay Stock Exchange (BSE) was informed of this information following the shareholders’ approval at the Executive General Meeting (EGM). According to prior reports, the deal with Brookfield Corporation and K Raheja Corp Ltd’s joint venture Rafferty Developments Private Limited was expected to last 50 years and involve a payment of more than Rs 1,200 crore. L&T Metro Rail informed that it will take some more time to complete this transaction. It said that the full value of this transaction will be known only when all the permissions are received.
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