Joint venture for premium housing
Two Hyderabad-based realty firms – Splendid Group and Aparna Group – have joined hands to target what they categorise as premium housing segment, offering villas and houses with a high degree of automation.
They have formed a joint venture called SA Habitat, which is implementing the Rs 600-crore Palm Meadows, a gated community villa project on a 95 acre plot in Kompally on the outskirts of Hyderabad.
A total of 335 villas with sizes ranging between 535 and 800 sq metres and costing between Rs 1.84 and Rs 2.5 crore are being constructed. The project is expected to be completed by the end of 2008, said Mr Kiran Raju, Managing Director of SA Habitat.
In addition to putting in initial funds, the partners have obtained a loan up to 20 per cent of the project size from Hudco. Targetting the NRIs, local business community and top executives in the neighbouring industrial clusters, the project offers a range of home automation solutions, which should provide both comfort of living and security, Mr Raju told newspersons on Saturday.
The Splendid Group, which is an offshoot of PL Raju Construction with over 35 years of experience in civil and defence construction activity, is also in the process of implementing an SEZ for IT on a 28-acre area in Chennai under a joint venture with the Nagarjuna Construction Company, Hyderabad.
SA Habitat, however, will focus exclusively on premium housing in Hyderabad. It has plans to move into Chennai, Visakhapatnam and other tier two cities.