Y. Harish Chandra Prasad, Chairman of Malaxmi Group
HYDERABAD: Malaxmi Group today announced its plans for setting up a luxury real estate project named Sentosa in the capital region of Vijayawada and other projects in the hospitality and infrastructure segments.
The Hyderabad-based company, with interests in power, agriculture sector, is making its entry into property development business with Sentosa, which means peace and tranquillity in Malay. “We will invest about Rs. 100 crore in the phase one and make it a signature project in Vijayawada, which is poised to see rapid growth,” Y. Harish Chandra Prasad, Chairman of Malaxmi Group, said.
Addressing a press conference here today, he said the company has sewn up plans to develop infrastructure in the areas of hospitality, healthcare and tourism segments in the newly coming up capital region of Andhra Pradesh.
Coinciding with the launch of the real estate venture, the Malaxmi Group is announcing the opening up of The Culture Centre in Vijayawada. Shiva Nagi Reddy, who was an officer on special duty for Shilaparam crafts village in AP, has been brought in to drive the activities of the Culture Centre.
Sentosa will offer flats of about 2,500 sq.ft each, with servant quarters, priced in the Rs. 1 crore range. These flats would be delivered to customers within 18 months, he said.
Referring to the real estate sector in and around Vijayawada area where the capital region has been proposed, Prasad said that the land prices had initially shot up on speculative buying. But they have moderated in the past couple of weeks.
The Culture Centre, aimed at promoting arts, culture and literature, would be supported by the group for two years and then it would be made self-supportive, Prasad explained.