Thursday, November 22, 2007

Puravankara wins H’bad land deal for Rs 700 cr

The Bangalore-based realty developer Puravankara Projects (PPL) has pipped real estate giant DLF to bag a 30-acre land parcel in Hyderabad for Rs 700 crore. The land near the Hi-Tech City, put on auction by the Andhra Pradesh Industrial Infrastructure Corporation(APIIC), will be used to develop 5-million sq ft of mixed use including high-end ultra luxury retail, residential, commercial and hospitality complexes.
The land parcel is in a high rise zone, and Hyderabad has unlimited floor space index (FSI). Estimates suggest that we could be looking at around 5 million sq ft mixed use development,” PPL director Ashish Puravankara told ET.
PPL is already discussions with several architectural design firms in US and UK for developing the project. The project envisages a development of approximately 6.5 million sq ft area.
APIIC had floated the tender for the project with a reserve price of Rs 20 crore per acre and received three bids including DLF and BPTP Real estate. Hi-Tech City in Hyderabad is the new IT destination for many in the world and the area has developed rapidly with world class infrastructure facilities.
Apart from Bangalore, the Puravankara group has real estate operations in Chennai, Coimbatore, Hyderabad, Cochin, Middle East and Sri Lanka. Puravankara has already around 15 million square feet of land under development.
Currently, many hotels groups are in negotiations with PPL to develop hotel properties in the south. Industry officials say that in the last two years, the property prices in Hyderabad and its outskirts have spiralled. The prices which were hovering around Rs 500 per sq ft in 1991-92, soared to Rs 1,200 per sq ft in 1995 and have touched over Rs 4,000 per sq ft in the main centres. Most of the demand came from the IT companies, they said.


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