Malaxmi Group to develop luxury real estate unit in Vijayawada
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
Jan 21, 2015
Source : The Hindu BusinessLine
Y. Harish Chandra Prasad, Chairman of Malaxmi Group

 

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.

 

CULTURE CENTRE

 

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.

Latest Realty News

Odisha-Govt-to-allot-land-for-Social-Housing-Schemes,-Public-Utility-Servs
Jan 21, 2015
Bhubaneswar: Odisha Government on Tuesday gave in principle approval to 22 projects that includes various public utilities and social housing schemes in Bhubaneswar
Govt-wants-municipal-bodies-to-simplify-land-use-change-to-boost-housing
Jan 20, 2015
NEW DELHI:Govt recommended authorities simplify the process of sanctioning land use change once the master plans are notified
Bombay-HC-increases-payout-for-govt-acquired-land-620-times
Jan 20, 2015
MUMBAI: Paying a compensation of Rs 4 per square metre for two sprawling plots in the centre of Mumbai was unreal, the Bombay high court told the Maharashtra government, and ordered a much bigger payout
Gynaecologist-couple-duped-of-Rs-5.5-crore-by-Mumbai-builder
Jan 20, 2015
Mumbai: A gynaecologist couple from Aurangabad was allegedly duped of Rs 5.5 crore by a builder from Mumbai
Realty-Continues-to-Prey-on-Farmlands
Jan 20, 2015
PUDUCHERRY: After converting 77 hectares of agricultural land primarily for residential purpose two months ago, more agricultural land is set to give way to residences
Falling-oil-price-will-benefit-real-estate-sector-in-Asia:-JLL-report
Jan 20, 2015
MUMBAI: Plummeting oil prices will be largely beneficial to Asian real estate markets, according to global real estate consultancy JLL
Indiabulls-AMC-to-launch-real-estate-fund
Jan 20, 2015
COIMBATORE: Indiabulls Asset Management Co Ltd (IBAMC) is launching a real estate fund with a targeted fund size of ?500 crore
Shopping-malls-supply-dips-79%-in-2014-on-construction-delays
Jan 20, 2015
NEW DELHI: The supply of retail space in shopping malls last year fell sharply by 79 per cent to about a million sq ft in the seven major cities of the country
Brookfield-plans-to-set-up-$500-m-real-estate-trust
Jan 20, 2015
MUMBAI: Canadian asset management firm Brookfield is looking to set up a real estate investment trust
Odisha-to-propose-six-cities-for-Smart-City-scheme
Jan 20, 2015
Bhubaneswar: The state government is likely to propose to the Centre for inclusion of six cities in the state in the Smart City scheme of the Union government

Latest Realty News Of State

Realty Talk's