Late YSR Government had allotted 76.2 acre in Manchirevula In 2007 to Reliance ADAG to build the 100-storey tower. The plan was to develop the Financial District by creating world-class infrastructure to house big national and international financial institutions along with the 100-storey tower.
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Reliance ADAG agreed to pay Rs 517 crore to purchase the land but has paid only Rs 250 crore till date. The project is also yet to take off. As soon as KCR became CM, ADAG chairman Anil Ambani met him to revive the project but sought waiver or concession to make balance the payment of Rs 250 crore towards purchase of land.
But since Reliance ADAG already got the costly land for a reduced price, officials advised the CM to decline it. Government if it agrees for the demand, similar demands would crop up from other investors. The government at most will agree the company to develop the Financial District first and the 100-storey tower later as was sought by the company.
