Puravankara bags H'bad hi-tech City project

Puravankara Projects, a Bangalore-based property developer, has won the bid from APIIC (Andhra Pradesh Industrial Infrastructure Corporation) to develop Hi-tech City, Hyderabad, involving an investment of over Rs 3,500 crore.

In a release, the company said the bid for the Hi-Tech city project, a new destination for IT sector, land was Rs 630 crore and expects to take up development of about 6.5 million square feet.

The project will a mixed use development of retail, residential, commercial and hospitality component.

APIICC recently floated the tender for the project with a reserve price of Rs 20 crore per acre and received three bids including DLF.

A senior company official said, "We are delighted that we have been allotted the land. We will ensure that we do a good development with world's best architects and professionals on the job."