Pegasus eyes Hyderabad to develop housing projects

The UAE-based real estate developers, Pegasus Realty LLC, is proposing to develop housing and commercial projects in Hyderabad in collaboration with local players.

Disclosing this here today, Imtiaz Panjwani, chairman of Pegasus Realty, said the company was planning to bring in about Rs 350 crore investments into Hyderabad in view of the city's growing population of IT professionals and other high-end consumers.

Besides Hyderabad, the company is looking at Chennai with a potential investment of about Rs 400 crore in similar projects, he told the media.

"We are in the process of identifying suitable lands in Hyderabad to develop gated communities, satellite townships, malls and IT parks under joint venture with local people," Panjwani said, adding that the company might also consider bidding for satellite township projects proposed by the state government along the proposed Outer Ring Road at a later date.

He refused to disclose the names of his company's potential partners in these ventures.

Besides planning investments in India, the company is also marketing its Malaysian residential project across the country.