Ras Al Khaima Authority (RAKIA), and APIIC signed a memorandum of understanding in September last for the development of HEC with a proposed investment of Rs 20,000 crore. This is the largest real estate and infrastructure project coming up in Andhra Pradesh and is expected to provide quality employment to thousands of people. RAKIA is a world renowned and much respected investment body that is cash rich. Executing a project of this magnitude is well within their capability.. The Andhra Pradesh government recently allotted 471 acres of land at Sultanpur village of Medak district for the first phase of Hyderabad Economic city which is being jointly developed by APIIC and RAKIA. Residential areas adjacent to Sultanpur such as Ayilapur, Kistareddypet and patelgudem will be the most sought after destinations and are likely to appreciate in value considerably.
RAKIA is the investment arm of the UAE government which had asked for a total of 2000 acres for the project. The balance land would be allotted in due course according to an APIIC official. It is the government body responsible for the socioeconomic growth of the emirate. The MoU was signed by Wahid Attalla, Member of the Board, Rakeen, the real estate development arm of Ras Al Khaimah Investment Authority (RAKIA), and APIIC Chairman and Managing Director B P Acharya, in the presence of Andhra Pradesh Chief Minister Y S Rajasekhara Reddy. RAKIA is also developing several other townships across the country through RAKINDO, RAKIA’s joint venture company in India. Over 3,000 acres of land has been earmarked for various projects in Coimbatore, Chennai, Kumarakom, Hosur and Cochin, each with a projected cost of $2bn.
Sultanpur is situated at a distance of 16 to 18 Km from important hubs such as hi-tech city area, Microsoft campus, financial district etc. With this proposed project in Sultanpur, Medak district will witness a significant change in terms of infrastructure and employment facilities. Sultanpur is located abutting the outer ring road and is presently accessible from the Mumbai highway via the Beeramguda crossing which is two Km after BHEL. A three and half Km drive would bring you to Kistareddypet village. The limits of Sultanpur commence barely half a Km to the right of Kistareddy pet which has already been witnessing real estate development in the form of gated communities, residential layouts and apartment complexes.
Hyderabad would be an integrated financial hub with infrastructure facilities for financial services operations for banking, insurance and asset management companies. The project would also have an integrated health city that would include facilities for clinical and non-clinical services, hospitals, and medical colleges, research services for clinical trials, drug delivery system, stem cell research and genetic research among other things, according to sources.