According to chief executive officer, K Thiagarajan, though the company was established just three years ago, it has a large land bank built over a period of several years by its promoters. The new townships will be constructed on the company's land in the two cities.
Three months ago, the company raised private equity of Rs 600 crore from Infinite India. "This amount is enough to execute all the on-going projects and also to launch new projects," Thiagarajan told Business Standard.
He feels that real estate "is a very vibrant sector though there is a little bit of flattening in this area" at present.
The company would be constructing two projects at Madhurawada in Visakhapatnam. While the first project consists of 250 bungalows and 300 apartments, the second will have 570 apartments besides commercial space. In Vijayawada, it is planning to construct an integrated township in the southern part of city. Besides apartments, the township will have a club house and commercial space.
At present, the company is executing eight projects spread over Hyderabad, Nagpur and Chennai. The cost of the projects is estimated at Rs 3,000 crore. Of these, three are IT and ITeS special economic zones (SEZs) and five are residential properties. All the three SEZs are located near Hyderabad. While the 75-acre Bachupally SEZ will have a built-up space of 8 million sft, the 16-hectare Gopannapally will have a constructed area of 5.5 million sft and 14.16 hectare Mysammaguda SEZ will have a plinth area of 4.5 million sft.
Maytas Hill County (MHC), the company's flagship project at Bachupally, is an integrated township offering a range of apartments, villas, bungalows, retail and entertainment infrastructure and an SEZ. Thiagarajan said the construction of independent bungalows would be completed by the third quarter of 2008-09 and the apartments would be ready by the first quarter of the next financial year. Simultaneously, the proposed SEZ at the township was being developed and the first phase of the project with a built-up area of 1.3 million sft would be ready for fitouts by April 2009. Being built by New York-based architects, Skidmore Owings and Merrill, the SEZ is open to future business expansion plans of its occupants.
"The size and scale of our developments give our clients the flexibility to opt for built to suit (BTS) solutions from building independent secure buildings to providing interiors in multi tenanted buildings," Thiagarajan said.
