Realty developer Anvita Group is setting up a Rs 2000-crore residential real estate project, Ivana, at Kollur near Hyderabad.
Spread over 12.9 acres, the premium gated community project, which will be executed in two phases, comprises a total of 1,850 flats. The first phase, which will come up in 3.5 acres, features two towers of 15 floors each and will have 450 units in total. The company is gearing up to hand over the units in the first phase by December 2024.
“In the second phase, four massive towers of 36 floors each will come up in 9.25 acres. We will hand over all 1,400 units of the 2nd phase to customers in 2027. As the initial offer, we are selling units at just Rs 6,500 per square feet,” Atchuta Rao Boppana, Chairman and Managing Director, Anvita Group, said.
According to him, the first phase development is expected to cost Rs 380 crore and the outlay for the second phase is over Rs 1,600 crore. The company is constructing two and three-bedroom apartments with sizes ranging from 1,360 sft to 2,580 sft from first floor to 34th floor. On 35-36 floors, there will be luxury four-bedroom sky villas of 2,900-5,070 sft. Car parking space will be allotted at the beginning itself.
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“Ivana will have an area of 8 lakh square feet in the first phase and 28 lakh sq ft in the second phase,” said Anup Boppana, director of the company.
Atchuta Rao said the Ivana project will have space for all income groups. “I am also from a middle class background. My family initially lived in rented houses. I built my company brick by brick in the last three decades. We are developing our projects and offering a host of amenities keeping aspirations and tastes of customers in mind,” he said.
The project will have two club houses with an area of one lakh square feet. Apart from these, a garden, a swimming pool and three basement parking spaces in the towers and one floor have been allocated for the use of children and adults. “There will be walking and cycling tracks. In addition to the corpus fund contributed by the flat owners for the maintenance of the apartments, we will set up a fund on behalf of our company for the maintenance of some sports facilities including coaches,” he said.
The Ivana project will have a park spread across 3.5 acres. It will also have sufficient facilities so that residents can organise functions with up to 1,000 guests. Besides, there will be a supermarket, a bank, rooms for children’s tuition, a crèche and facilities for work from home.