Radha Realty to develop luxury home project

Hyderabad: Radha Realty Corporation India, one of the upcoming real estate players in the country, is developing U31 - a single family homes gated community project in Hyderabad with an outlay of Rs 275 crore, including land cost of Rs 100 crore. The project is coming up in about 9 acres of land in Kondapur in the city.

Speaking at a press conference here on Thursday, Ravindranath Reddy, managing director of the company said , 'the project will have 19 courtyard houses and 12 pavilion houses besides a club house facility and a spa. Each of these four storied homes will have a property area of 1,250 square yards, built up area of 11,800 square feet, 5 bed rooms, private swimming pool, exotic interiors, home entertainment room, private elevator, 5 car parking spaces, accommodation for upto 8 domestic helpers and a bulk storage garage.'

The price of these homes would be anywhere between Rs 12 crore and Rs 15 crore. 'We are planning to raise debt to the tune of Rs 75 crore and Rs 100 crore will be raised through internal accruals and advances from the customers. Already the company has prebooked four homes,' K Ramakrishna Rao, chief executive officer of the company.

The company has roped in Tempus Infra Projects as its infrastructure and construction services partner and X-Cube Advisors, an Asipac group company as its strategic consultants. Construction work at the site is likely to begin early next year, once the company gets approvals from the municipalities. The project is likely to get completed within 3 years from the date of commencement of works. Talking about the other projects of the company, Ravindranath Reddy said, 'we have a land bank of 700 acres. The company has three projects under construction in Andhra Pradesh and we are present in Bengaluru and Chennai in a small way. We are looking at developing residential flats at Sriperumbudur in the outskirts of Chennai. It will take another 4-5 months to decide on the details of the project.'