Janapriya arm plans Rs. 400-crore realty project in B'lore.

Ardent Realty, a newly-floated subsidiary of Hyderabad-based real estate developer Janapriya Engineers Syndicate, will be launching a luxury apartment project at Banashankari Phase-I in Bengaluru with an investment of Rs. 400 crore, according to chairman and managing director K Ravinder Reddy.

'The project, to come up on eight acre, with comprise 500 units each with a price tag of over Rs 60 lakh. We plan to commence work on the project in six weeks and complete it in the next four years,' he told Business Standard.

Ardent Realty already launched a 300-unit apartment project at Hosur, which will be completed in two-and-a-half-years from now, Reddy said, adding that Janapriya had constructed 26,000 residential units in Hyderabad and Bengaluru over the last three decades, while 4,000 units were in various stages of execution.

Stating that the real estate sector in Hyderabad remained static after the bifurcation of Andhra Pradesh and that the market was bound to look up in the next two to three months courtesy the booming information technology sector in the capital city, Reddy said 60 per cent of the company's turnover came in from IT employees.

'The Indian real estate market still lacks transparency. We will look at tapping the capital markets via an initial public offering once the transparency levels go up ... probably after three to four years,' he said, adding that he was expecting the interest on home loans to come down to 9.25 per cent, from the present level of 10.25 per cent, by next year.


BS