Addressing the media, CC Reddy, promoter of Visu Group of Companies, said the project called Star Hills would come up on 53 acre at a cost of Rs 975 crore in three phases. The first phase will be completed in 18 months.
The project would comprise residential and office space, mall and other facilities. While the residential facility would be spread over 3.9 million sft in 39 blocks, the mall and office complex would have 200,000 sft each.
The company bought land from the Vijayawada, Guntur, Tenali and Mangalagiri Urban Development Authority (VGTMUDA) in an open bidding for Rs 96 crore. It will go for debt funding for the project.