The project, aimed at high net worth individuals, would come up on five acres. “We will announce the project next month, and it would be completed in the next two years,” said J Rameswar Rao, chairman and managing director, My Home Group. The project will be internally funded.
Speaking to Business Standard at the launch of Yashoda Charitable Foundation’s training programme here recently, Rao said the real estate prices were showing an upward growth in Hyderabad after a slowdown of two years. The prices had already gone up 10 per cent, compared with the prices three months ago, and was likely to see an increase of 15 per cent more in the near future
“Over the last three-four years, no major project has come up in the city. So the market has become more demand-oriented with less supply, which is resulting in the increase in real estate prices,” he added.
Apart from the luxury apartment project, the company is planning projects at Attapur and Shamshabad in the city.
My Home Group, which is into construction, cement and power, is also planning to double its cement production capacity to 10 million tonne over the next three years, Rao said.
It has two production units — in Nalgonda district and at Visakhapatnam in Andhra Pradesh —with an annual production capacity of 4.7 million tonne. It sells cement under ‘Maha Gold’ and ‘Maha Shakthi’ brands.
Last year, the group recorded revenues of Rs 2,000 crore, of which cement contributed Rs 1,200 crore, power Rs 200 crore and real estate Rs 600 crore.
“We expect a 20 per cent increase in the revenues to reach Rs 2,500 crore by this financial year,” he said.