Hyd firm plans township at Vizag

Hyderabad-based KSR Properties Private Limited, along with Jurong infrastructure (India) Private Limited, a member of Jurong International-Singapore, is developing a mega integrated township with an investment of Rs 800 crore in Visakhapatnam.

A special purpose vehicle, The Global Entropolis, has been formed for the purpose. The Visakhapatnam Urban Development Authority (Vuda) has allotted 80 acres of prime land to The Global Entropolis at Madhurawa in the Greater Visakhapatnam Municipal Corporation jurisdiction.

Addressing the media here, Rao Munukutla, CEO, Jurong Infrastructure (India) Private Ltd, said work on the project would begin in three months and the project would be completed within three years.

The township would house a 5-star hotel, IT tower, biggest shopping mall, an international school, residential apartments, villas, international golf course, condominiums, commercial-cum-retail centres, club house and other recreation facilities, he said. The project will have a built-up area of 70-lakh sft.

Of the total cost, about Rs 525 crore would be mobilised through the debt route from financial institutions, K Ramana Reddy, managing director, KSR Properties Private Limited, said.

Jurong will have a 26 per cent equity in the project and remaining will be shared among KSR Properties and other partners including US-based private equity companies, he added.

The company launched its 'The Club @ Sunny Isles' here on Saturday. Vuda had allotted about 40 acres of land in the Rushikonda area on the Visakha-Bhimili beach road to KSR to develop the club.

"We have invested about Rs 45 crore in this project and constructed 54 villas. Our strategic partnership with the Jurong group has enabled us to bring in world-class master planning, architecture, engineering and construction service," Reddy said.