City based realty major, IVR Prime Urban Developers Ltd, has entered into a joint development agreement for developing high rise residential apartments with an estimated project cost of Rs 386 crore.
As per the agreement, the company will develop 1,325 million sq ft built up area and a parking area for 1,200 cars in the area of 9.2 acres, a gated community project at Kukatpally.
Company said that the project consists of two-bedroom apartments of 1,250 sq ft, three-bedroom apartments of 1,500 sq ft and four-bedroom apartments of 1,800 sq ft each. The company is also planning similar projects in cities like Visakhapatnam, Bangalore.
Currently, the company is developing a real estate project at Vedurvada, near Vizag Steel Plant, on a 130 acres land. Christened as MistyWoods, the project will have 1,500 independent homes on a plot measuring 200 sq yards each with a built up area of 815 sq ft. The project is estimated to cost Rs 300 crore. It will have amenities like club house, landscaped open spaces, primary school etc.
The 8-acre Bangalore property, named as Thyme Park, will have 490 flats in eight elegantly planned buildings with 727 car parking facilities. Costing at Rs 110 crore, the project will have 40? wide internal roads, swimming pool and club house, the release added.
