Malaxmi group enters Vijayawada realty market with luxury project

Group is in talks with PE players in Singapore; Project to have 2,500 sq ft apartments priced at Rs 1 cr each

Malaxmi Property Ventures Private Ltd, a part of the Hyderabad-based Malaxmi group, is talking to private equity (PE) players in Singapore to raise funds to finance its upcoming real estate projects in Vijayawada.

The company having interests in energy, infrastructure, property development and agribusiness in India and Africa, is entering into the development of luxury residential apartments and also affordable housing in Vijayawada.

Y Harish Chandra Prasad, chairman, Malaxmi group, said their first real estate foray, Senotsa, comprising 100 luxury apartments on a 2.3 acre plot and would be priced at about Rs 1 crore for an apartment of a size of 2,500 square feet.

The company proposes to complete the project in 18 months.

Malaxmi Ventures and its associates own a land bank of about 250 acres across Vijayawada, Nellore and Visakhapatnam. More land parcels in Vijayawada will be put into real estate development once the proposed master plan for the new capital city is ready, Prasad said.

The upcoming project is located on the way to Gannavaram airport and the activity around the new capital city is expected to bring enough enthusiasm about this project, according to Prasad. Though the company and its associates are putting the money in the initial phases, they are keen to partner NRI investors and PE firms to expand the activity.

“We hope to close the funding in a year’s time,” he said without disclosing the funding details. Apart from housing, the company is also keen to build hospitals, hotels and tourism projects and participate in bidding process, he said.

The company also plans to set up a food processing plant in Uganda. It has already acquired land and expects to commission the plant by the end of this year, according to him.