Lodha group to develop Sky Villas

Hyderabad: The Lodha group has announced their plans to invest Rs 900 crore to create ‘Sky Villas’ on 45-floor high rise towers here to be sold on invitation only.

Housing finance company HDFC has 40 per cent stake in the project.

The Mumbai-based developer of luxury apartments and homes invested Rs 280 crore to acquire 12.9 acres in 2007 located near the Hitec City near here, where the company is creating upmarket housing facility.

The project titled Lodha Belleza is modeled on California style living on high rises. Each Sky Villa will be spread across 4,761 sq.ft area with only one apartment per floor. The residential tower will host helipad on the top.

The Senior Vice-President - Marketing, Lodha group, Mr R. Karthik, said each Sky Villa will be priced at around Rs 2.5 crore where in the premium living concept is being introduced in the South. There is also the option of furnished apartment which will cost about Rs 95 lakh to Rs 1 crore more.

Asked if they see themselves revising prices due to current market slowdown, Mr Karthik said that they do not have any plans to do so as the villas are very competitively priced.

“We are evaluating mid-tier apartments to cater to a different segment in Mumbai and other cities,” he said.

Referring to their plans, Mr Karthik said that within six months, they will finalise plans for a mega destination mall in Hyderabad.