Hyderbad has emerged as a center for the nation's information technology business activity, "which has created an urgent need for world-class office space and housing to meet the requirements of multinational corporations," says Katherine Farley, senior managing director of Tishman Speyer.
The development consortium includes India private equity firm ICICI Venture and Nagarjuna Construction Co. The development manager is TSI Ventures, a partnership of Tishman and ICICI Venture formed in 2005 with the express purpose of investing in India.
In addition to the Tellapur project, TSI Ventures is developing 1.6 million sf of class A office space in Hyderbad's CBD, where companies such as Microsoft, UBS, Computer Associates, Franklin Templeton and Infosys already have set up shop.
Tellapur Township will rise on land three miles from Hyderbad's CBD and include primarily Class A residential and office components and associated retail, civic and cultural amenities. When completed, the development will be home to more than 30,000 people and will provide office space for some 35,000 jobs.
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