Vizag, Hyd realtors join hands for Rs 50cr project

Visakhapatnam-based Rama Raj Enterprises and Hyderabad-based Varma Constructions are jointly developing a mega housing project (KSR Green Valley) with an investment of Rs 50 crore here.

"Both the construction companies have jointly formed a new firm called Rama Raj-Varma Associates (RRVA) to develop KSR Green Valley mega housing project," K Subba Raju, managing director, told Business Standard.

The company will construct about 210 luxury flats (each 1,500 sft), including all common amenities in 3.4 acres of land at Murali Nagar on NH-5. The cost of each flat would be about Rs 25 lakh.

Of the total project cost, including the land cost, the firm has taken a loan of Rs 5 crore from Canara Bank while the promoters are pumping in about Rs 6 crore.

"We have already started the construction and within 22-24 months, flats would be ready for occupation," he said.