HYDERABAD:Real estate company, SMR Holdings today announced the launch of a satellite township project close to the IT hub of Hyderabad.
The project, SMR Vinay Harmony County, will initially come up on a five-acre site of the 45-acre land parcel and have about 450 apartments of one, two and three bedrooms.
“We will take up the Rs 1,000-crore project in a phased manner and invest Rs 150 crore in the phase one. In the second phase, the project will see an outlay of about Rs 450 crore and another Rs 400 crore will be deployed in the third phase,” S. Ram Reddy, Chairman and Managing Director of SMR Holdings, said.
The Hyderabad-based real estate company, which has developed projects in Hyderabad and Bangalore over the past 15 years, is planning to expand into other cities in Andhra Pradesh, Karnataka and Tamil Nadu. It is particularly looking at Tier II cities where there is big demand.
Addressing a press conference, he said, “Right priced properties are in demand always. And properties that appeal to mid-segment market with good features sell. Therefore, we are launching the project in this tough business environment as we are confident of selling the apartments priced at about Rs 3,000 per sq.ft.”
“The company has secured loans from ICICI Bank for the phase one of the project. As we take up the second phase in 2014 or 2015, we will access funds from a consortium of banks. The company is also open to private equity participation but at the special purpose vehicle (SPV) level,” he said.