Prajay launches Rs 55cr township project in Vizag

Hyderabad-based construction company, Prajay Engineers Syndicate Limited, has announced the launch of a Rs 55-crore large format integrated township project "� Prajay Harbour City "� at Visakhapatnam.

Prajay Harbour City will be spread across an area of 149 acres comprising 1,044 independent houses with facilities like club house, parks, jogging tracks, shopping arcade, restaurants, discotheque and gymnasium, apart from a primary health centre and school.

The built-up area of these houses will range between 950 and 1,450 square feet.

The project is expected to yield Rs 126 crore in revenues and Rs 51.5 crore in profits. It is expected to be completed over the next 24 months.

Speaking to Business Standard, Ravinder Reddy, director, Prajay Engineers, said, "Majority of the funds for the capital outlay of Rs 55 crore will be raised internally. There will be a debt component as well."

The Rs 74-crore company plans to build 2.2 million sft of commercial, residential and retail space this year. This includes a 1.35-million sft IT Park at Nacharam and a shopping mall at Gowliguda in Hyderabad.