Integrated townships seem to be becoming a rage among investors. IVR Prime Urban Developers Limited, a Hyderabad-based real estate development company, has now joined the fray to set up such townships in Karnataka and Andhra Pradesh.

“We have set up a special division to draw up plans for integrated modern townships in Karnataka and Andhra Pradesh,” company Managing Director E Sunil Reddy told Deccan Herald.

The project reports would be submitted to necessary state authorities after completion.

The company is also currently focusing on developing commercial projects including hotels, retail malls and IT parks.  At present, IVR Prime is engaged in developing modern housing complexes, IT parks and retail malls in cities of Hyderabad, Bangalore, Chennai, Pune, Visakhapatnam and NOIDA.

Talking about forthcoming projects in Karnataka, Mr Reddy disclosed  that IVR Prime would develop a housing complex at a cost of more than Rs 57 crore at Jigani near Bangalore.

In addition to this, the company also proposes to develop five more housing complexes in the city.

The company aims at identifying  low cost land in fast growing cities and suburbs which attract increasing activity in manufacturing, IT/ITES, telecommunications and other sun-rise sectors. The company is in the process of acquiring land in Bangalore, Hyderabad, Pune and Chennai.

“Our residential development activities have been focused on developing large projects on the outskirts of these fast growing cities,” he added. 

IVR Prime is entering the capital market to raise funds in the range of Rs 721.65 crore and Rs 849.