Shanta Const to invest Rs 500 cr

City-based real estate firm Shanta Sriram Constructions is planning to invest Rs 500 crore to build seven-eight projects over the next five years.

On Wednesday, the company launched three residential projects — Padmanabha Residency, Harmony Heights and satellite township-block E and F — in the city. “We will develop three more projects in the city — Ornamental hotel-cum-IT park at Gachibowli, Times Square Hotel and IT park and Amity Ville, a commercial venture,” said its chairman M Narsaiah.

The Ornamental hotel-cum-IT park would come up on 400,000 sft (150,000 sft for the hotel and 250,000 for the IT park) with an investment of Rs 50-60 crore in three years. “We are focusing at commercial and residential projects in the state, mainly targeting the middle and upper middle-class segment,” he added.

 

The company, which started in 1995, has so far completed 60 projects with 2 million square yards, covering 2,000 flats and houses. It reported a turnover of Rs 100 crore in the just concluded financial year. It is looking at cities including Bangalore, Chennai and Pune for expansion. Shanta Sriram is currently developing a 20-apartment project in Bangalore and six multiplexes and malls in Hyderabad.