Sunday, June 19, 2011

Phoenix Group to invest Rs 2,000 cr in six realty projects

Infrastructure company Phoenix Group announced plans to invest Rs 2,000 crore in six real estate ventures in Hyderabad, including Rs 350 crore in Golf Edge, a mixed use project, which will have a five-star hotel and high-end residential apartments.

Every real estate venture underway will have commercial retail space and a hotel as well.

The Managing Director of Phoenix Group, Mr Gopikrishna Patibanda, said “the company has frozen the funding for various projects including Golf Edge, located in the Financial District an IT hub of Gachibowli. The property has a large commercial facility occupied by Deloitte and we have commenced work on the hotel project and housing towers.”

Addressing a press conference, Mr Patibanda said the company has tied up with Duet Hotels for the first five-star hotel project with 210 rooms. Negotiations are underway to partner the Intercontinental Group.

Golf Edge will have 497 apartments of two-bed room, 3-bedroom, duplex ranging from 1,055 sq.ft to 3,595 sq.ft in high-rise twin towers priced at Rs 60 lakh-Rs 2 crore, working out to Rs 6,000 a sq.ft of built-up space. All the apartments come fully furnished and the customers would be provided services support at Rs 4 per sq.ft. The hospitality partner will take care of maintenance aspect too, he said.

Referring to other ventures, Mr Patibanda said “We have thus far developed 5 million sq.ft and have 30 million sq.ft under various stages of development in Hyderabad and Chennai”.

The company has raised first round of funding from Catalyst Samsara and Monsoon Capital. The equity and debt component for the projects has already been tied up, he said.

On the real estate scenario, Mr Suresh Chukkapalli, Chairman, Phoenix Group, said “the sector is looking up in the last few months. The catchment area is huge and the supply is less. By offering a trouble-free ownership experience, we will be able to attract employees from the IT hub. ”
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