Prajay launches Rs 55-crore township project

Hyderabad-based construction company, Prajay Engineers Syndicate has informed that it has launched a Rs 55-crore large format integrated township project - Prajay Harbour City - at Visakhapatnam in Andhra Pradesh.

Prajay Harbour City will be spread across an area of 149 acres and comprise 1,044 independent houses. The built-up area of these houses will range from 950-1,450 square feet. It will have a club house, parks, jogging tracks, a shopping arcade, restaurants, discotheque and gymnasium, apart from a primary health centre and school. 

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 Andhra Pradesh.