Larsen and Toubro Metro Rail Hyderabad has sold 15 acres of land, allotted by
the state government for future uses of the Metro rail project, near Raidurg
Metro Station to Rafferty Developments.
L&T described the sale as a ‘slump sale’, and the estimated value of the land is reportedly around INR 1,500 crore. The government had initially allotted this
land to L&T for future requirements as part of their agreement and L&T had
already constructed a building on 9 acres of this land at INR 200 crore.
However, L&T in the last year decided to sell the entire 15 acres of land and the
building to generate income for purposes such as Metro Rail maintenance and
achieving break-even. In a statement released to the BSE, L&T Metro Rail
Hyderabad said that the approval of the government of Telangana had been
obtained.
As per the agreement with the state government, L&T is allowed to develop the
land for 33 years but is prohibited from selling it. It remains to be seen whether
the control of the land will be returned to the government after 33 years of
agreement or if it will be owned by Rafferty.
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