Maytas Properties Ltd, a real estate company floated by the promoters of Satyam Computers, is in the process of acquiring land in Bangalore to develop a residential township. The company is also planning to launch four other projects in Chennai, Vizag and Vijayawada, this fiscal.
Speaking to FE, K Thiagarajan, chief executive officer of the company said, Maytas Properties was formed to develop high quality real estate in various sectors and leverage on the land bank held by the promoter family. ?Our focus so far has been the south. We have lot of land in and around Hyderabad, some in Nagpur and Chennai. Recently, we acquired land in Vijayawada, Vizag and are in the process of acquiring huge parcel of plot in Bangalore so that we can make our verticals worthwhile,? he said. Since the company is into developing residential townships which are truly integrated and self contained, the ideal size would be more than 300 acres of land, he added.
He said, ?We have two parcels of land in Vizag. One will be used for developing an integrated township and the other one for a mixed development project. There is also a large chunk of land of over 100 acres in Vijayawada which will be used for building an integrated township project. Apart from this, the company also has plans to develop a mixed development in Chennai with a 5-star hotel, commercial and office space, residential space.? It is difficult to ascertain the actual cost involved in these projects, as they are under planning. However, it is estimated that the cost of construction for the Chennai project alone would be around Rs 600-700 crore. The company is close to signing up with an international hotel chain for a 5-star hotel planned within the Chennai project. All these four projects would be launched during the current fiscal.