Visakhapatnam-based Rama Raj Enterprises and Hyderabad-based Varma Constructions are jointly developing a mega housing project (KSR Green Valley) with an investment of Rs 50 crore here. | |
| "Both the construction companies have jointly formed a new firm called Rama Raj-Varma Associates (RRVA) to develop KSR Green Valley mega housing project," K Subba Raju, managing director, told Business Standard. |
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| The company will construct about 210 luxury flats (each 1,500 sft), including all common amenities in 3.4 acres of land at Murali Nagar on NH-5. The cost of each flat would be about Rs 25 lakh. |
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| Of the total project cost, including the land cost, the firm has taken a loan of Rs 5 crore from Canara Bank while the promoters are pumping in about Rs 6 crore. |
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| "We have already started the construction and within 22-24 months, flats would be ready for occupation," he said. |
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