Hyderabad-based Indu Projects Ltd has launched its third mega residential project – Indu City, which is coming up in Bachupally in Hyderabad. The proposed gated community, which is expected to cost over Rs 1,650 crore, is scheduled to be completed by 2011.
Speaking to media persons here on Thursday, I Syam Prasad Reddy, chairman and managing director of the company said, the project is being developed in joint venture with Red Fort Capital.
Red Fort Capital is investing close to Rs 225 crore as equity, while Indu is putting in Rs 75 crore as its share. The balance would be funded through borrowings from banks and other institutions and customer advances.
?The uniqueness of the project is that, we will be opening an escrow account to deposit all customer advances and we will also be appointing a third party consultant.? The project is being designed by renowned design and consulting firm, Belt Collins of the US, he added.
Explaining the details of the project, Mahender Basani, chief operating officer (real estate) of the company said, the gated community is coming up in about 90 acres of land and would be developed in phases. It would have 1,715 apartment units ranging from 750 square feet to 3,150 square feet and 318 villas ranging from 325 square yards to 600 square yards. The apartments are priced at Rs 2,700 per square foot, while the villas are priced at Rs 4,800 per square foot.
The project would also have lifestyle amenities like club house that includes tennis, swimming pool, squash and shuttle courts, billiards, spa, restaurant etc. Besides, the project would also house an international school on a 5 acre plot and a commercial centre.