Hyderabad-based BSCPL Infrastructure has announced the launch of its first residential project off Old Mahabalipuram Road (OMR).
Coming at a time when the real estate market is not exactly exuberant, the company said it has completed the structure for six lakh sq ft. The project named ‘Bollineni Hillside’ is to come up on 92 acres.
Touted as one of the largest integrated residential township projects in the city. the Rs 2,000 crore project offers flats ranging from 650 sq ft to 2800 sq ft including independent houses, row houses and villas.
BSCPL Infrastructure chairman B Krishnaiah said the project would be completed in two phases with a total space of about 6 million sq ft after completion. It is proposed to build 4,500 dwelling units.
"Structure for 100 villas are up and two blocks of apartments too are ready," BSCPL infrastructure CEO Manmohan Varma said, noting that the first phase of development would be on 50 acres with more than 1,300 units.
The base price has been fixed at Rs 2,500 per sq ft, with additional charges for car park, corpus fund and electricity among other things. Cost of a flat would work out to Rs 16.9 lakh to 19 lakh, he said.
Mr Varma said BSCPL has an equity base of Rs 450 crore. The company has tied up Rs 80 crore debt from IDBI apart from investing a sum of Rs 25 crore. "If the product has the right price, it will find buyers. There is demand and we are offering a package of lifestyle at the right price," he added.
Coming at a time when the real estate market is not exactly exuberant, the company said it has completed the structure for six lakh sq ft. The project named ‘Bollineni Hillside’ is to come up on 92 acres.
Touted as one of the largest integrated residential township projects in the city. the Rs 2,000 crore project offers flats ranging from 650 sq ft to 2800 sq ft including independent houses, row houses and villas.
BSCPL Infrastructure chairman B Krishnaiah said the project would be completed in two phases with a total space of about 6 million sq ft after completion. It is proposed to build 4,500 dwelling units.
"Structure for 100 villas are up and two blocks of apartments too are ready," BSCPL infrastructure CEO Manmohan Varma said, noting that the first phase of development would be on 50 acres with more than 1,300 units.
The base price has been fixed at Rs 2,500 per sq ft, with additional charges for car park, corpus fund and electricity among other things. Cost of a flat would work out to Rs 16.9 lakh to 19 lakh, he said.
Mr Varma said BSCPL has an equity base of Rs 450 crore. The company has tied up Rs 80 crore debt from IDBI apart from investing a sum of Rs 25 crore. "If the product has the right price, it will find buyers. There is demand and we are offering a package of lifestyle at the right price," he added.
Article Source:http://economictimes.indiatimes.com/News/News-By-Industry/BSCPL-Infra-to-build-mega-township-near-Chennai/articleshow/4287164.cms
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