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| Prajay launches Rs 700cr residential project in Hyd |
| BS Reporter / Chennai/ Hyderabad Oct 12, 2009, 00:49 IST |
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Prajay Engineers Syndicate Limited (PESL), a Hyderabad-based construction and hospitality company, launched Water Front – a gated community of 500 flats and 550 independent houses and villas – at Shamirpet on the city outskirts on Sunday.
“Phase-I of the project, being developed on 72 acre with an outlay of Rs 285 crore, will be completed in the next 24 months. Phase-II, entailing an investment of Rs 400 crore, will comprise 1,500 apartments and over 500 independent houses spread over 80 acre. We plan to start work on this phase once Phase-I is completed,” N Ravinder Reddy, chief financial and operating officer, told mediapersons.
The company plans to complete both the phases in the next four to five years. “We expect to garner sales revenues of Rs 365 crore and Rs 750 crore respectively,” he said.
Reddy said the company was planning a high-rise 3.5-million sft residential project in Hyderabad, which would have 3,060 apartments.
The investment for this project is estimated to be Rs 515 crore (excluding land cost).
“The project will be developed on 22 acre and will comprise 23 towers, each with ground+19 floors. We have already roped in a joint venture partner, who will have 16-17 per cent in the project. It will take 45 months for the project to be completed,” Reddy said.
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