Patel Realty India Limited (PRIL), a subsidiary firm of Patel Engineering, is all set to invest 75-Crore in two real estate townships in Hyderabad.
Hyderabad Real Estate to Get Luxury Oriented Smondo From Patel Group (Image Source )
Mumbai-based Patel Engineering Limited plans to invest 75-Crore in two real estate township projects in Hyderabad. The Mumbai-based construction firm is specialized in hydropower generation and irrigation.
Patel Group’s subsidiary wing PRIL, Patel Realty India Limited will develop two township projects in Hyderabad. The first one named Smondo (synonymous name for smart condominiums), comprises 400 residential apartments. The second unnamed residential township will have 1000 apartments.
Excluding the land price, the estimated cost of Smondo is 15-crore. This 400 unit residential project will sprawl over to 4 acres of land. The other residential township project sprawls over 10 acres of land. Its cost is estimated as 60-crore.
Describing the future plans of PRIL, Managing Director, Pravin Malkani said that the group is to start Smondo by next January. The real estate group expects to finish it within two years of time.
Mr. Malkani added that the group plans to begin the second real estate project by next June. He expressed his hope in delivering the second project within four or five years. These luxury projects aim mainly IT- professionals.
Hyderabad real estate market witnesses a steady demand in quality residential projects. The demand in the city is slightly challenged by Telangana issues. Yet this political uncertainty is not a major issue at all.
Comparing to the purchasing capacity and demand, the sale is very lower in the city. Mr. Malkani added that home buyers in Hyderabad have become more aesthetic- oriented. Most of them wish to have international standards in their homes now.
The existing trends in Hyderabad real estate show that people demand apartments of varying formats like 2 BHK, 2.5 BHK and 3 BHK.
Patel real estate builders have nearly 400 acres of land in Hyderabad city. They have nearly 1250 acres of land across India. The group has similar projects in Mauritius, Noida and Bangalore .
Bangalore Neotown project is under construction. It is expected to be delivered within 6 to 8 years. This project spreads over to 120 acres. The Group hopes to deliver Noida project within four to six years. This project spreads over 35 acres of land. Bangalore project comprises 2000 residential units and Noida project contains 3000 such units.
Mauritius project will get ready within four to six years. This project is set in nearly 65 acres. Anyway one thing is sure that the group is set to have a niche in the real estate sector with these projects.