Summary:
and residential space (apartment complexes and premium villas).However, the VMRDA has been treading carefully before launching the project, which would bring fortune for them. The VMRDA also stressed on 100 per cent rental guarantee from the government for the project, though the proposal was rejected twice earlier. The state government has now approved the SPV proposal. Despite the initial opposition against their proposal of floating a special purpose vehicle (SPV) for this project, the VMRDA insisted on the SPV, which would limit their liability in the project and further insulate them from the unending claims. Consequently, the VMRDA decided to take 100 per cent investment from the private partner for the project.VMRDA Metropolitan Commissioner P Basanth Kumar said they are expecting a government order to float an SPV for the IT City project in the next week or so..