Regaliaa Realty plans serviced apartments

Regaliaa Realty, a Chennai-based property development and construction company, which operates the 'Homcourt' brand of serviced apartments has entered Bangalore with a 90-room project in Whitefield.

According to D Sudhakara Reddy, chairman and managing director, Regaliaa Realty, "For Bangalore entry, we have entered into a Memorandum of Understanding (MoU) and a 15-year lease with Lumbini Constructions of Hyderabad, which owns the land, to run the serviced apartment."

"The total project cost including the land is Rs 27 crore. At present the building structure is ready and we need to carry out interior designing, and furnishing which may cost Rs 4.5 crore to make it operational. The funds for the project is being internally generated," he added. The serviced apartment project will have 90 rooms and plans to operationalise rooms by March 2009.

The company currently operates 11-room serviced apartment complex at Nungambakkam High Road, Chennai, with a total built up area of 15,000 square feet.

"Regaliaa Realty commenced its business in 1994 and so far has completed about 20 residential complexes, marketing apartments, IT parks, malls and serviced apartments in Chennai. In all we have developed and marketed a little over half a million square feet," said Reddy.

"We currently hold proj-ects valued around Rs 75 crore in and around Chennai and looking at establishing chain of serviced apartment complexes under 'Homcourt' brand in cities of Bangalore, Hyderabad, Coimbatore. By the end of this year, we expect to enter Hyderabad," he added.