The complex will comprise of 312 apartments and have amenities like an amphitheatre, commercial block, skating rink, tennis court and swimming pool. The 4.75 acre plot will have both two and three bedroom apartments measuring 1255 sq ft and 1875 sq ft and priced at Rs 45 lakh and Rs 80 lakh respectively.
The Rs 110 crore project will be funded by internal accruals and long-term debt from banks. It will be completed in 30 months. Briefing reporters, Raja Group CMD Raja Suchindra said “We are very optimistic about the project and I expect the market demand to go up by 25 per cent this year.”
The company plans to tap Tier II cities in Karnataka as the Telangana issue in AP is forcing investors to target other markets like Karnataka and Tamil Nadu, he added. The company has recently signed up with Karnataka Industrial Area Development Board for setting up software park project at ITPL worth Rs 500 crore with built up area of 1.6 million sq ft. It is also bidding for infrastructure projects in Karnataka.
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