VISAKHAPATNAM: Terra Alpha, the real estate arm of US-based private-equity real estate investment firm SRS Investments, on Wednesday launched the Port City's first realty FDI (foreign direct investment) project Celest that comprises a residential-cum-commercial gated community.
The Celest project will include construction of around 500 apartments spread over an area of six acres with a built up space of more than 10 lakh sft and a four-storeyed retail space of around 1.4 lakh sft along NH-16 at Gajuwaka in the city.
Addressing the media on Wednesday, SRS Investments Advisors India director Sujay Dasgupta said, "We have already invested around Rs 100 crore till date on land and excavation and will be investing another Rs 250-270 crore in construction. We are estimating a revenue potential of Rs 500 crore."
Stating that the company will initially develop three towers with around 250 apartments, he said that each tower will have 12-15 storeys and will offer apartments in the range of 1380sft to 1625 sft at a cost of around Rs 3,500-3,700 per sft.
While the company had purchased eight acres way back in 2007, the subsequent recession delayed the project, he said adding that the company revived its plans in 2011 and received all mandatory approvals last year. The company plans to complete the project in another four years.
"Vizag is the only city in the new state of AP with an international airport and enjoys great connectivity with all important cities of the country. A large number of people not only from Vizag but also those residing abroad are evincing interest in the project," said SRS Investments Advisors India executive director Ravindra Singh Verma.