Hyderabad: The newly auctioned government plot in Kokapet can immediately hold a sport of some of the most luxurious Hunderabad businesses.
While the plan is currently at a newborn stage, the top bidder confirms that these houses will serve the city premium segment – both in size and price.
“It will definitely be a gem in our crown,” said Shyam Rao with Jupal, managing the director of the construction of my house which bagged two plots – 7.7 hectares and size 8.9 hectares – in Kokapet for more than Rs 600 Crore.
“Given the neopolis and infrastructure layout, it makes sense to build a housing project because it must have received great traction.
Even though the plan details and price points have not been discussed and repaired, it will definitely be very luxurious,” he added.
My home group already has 70 acre land banks in Kokapet where work has begun to develop it as a commercial business.
For prestige groups based on Bengaluru too, housing is a way to enter Kokapet.
This will be the third housing project company in the area.
“Our efforts will also be high-end because we have not bought land at this level before.
Also, we already have office buildings – Sky Tech in the Finance District – and are discussing for others,” said R Suresh Kumar, Senior Vice President (Operation Business), Prestige Group (Hyderabad).
The focus on this housing is also rooted in excess supply and office space in Hyderabad, officials said.
Roughly, this city has 30 million square feet of the office area that appears in the next two to three years – in various locations along the IT corridor.
“Although Hyderabad has a stable investment stream, it takes time for all of this space to be occupied.
As a business, therefore more sense to see housing today because there is a consistent request,” said a government official, familiar with the market.
Apart from Kokapet, Khanamet is also expected to see housing development.
The Manjeera Group, for example, has confirmed that it will build a 30-storey project highest on 2.92 hectares that were negotiated, for RS 55 Crore A hectares.