The Hindu Business Line : Prajay Syndicate launches housing project in Vizag

Visakhapatnam June 10 Prajay Syndicate is taking up two housing projects - one at Parawada and the other at Madhurawada - and the construction of a budget hotel here, according to its Director, Mr N. Ravinder Reddy.

The foundation stone for the Rs 110-crore housing project at Parawada was laid on Sunday and the project will be completed in 15-18 months. In the first phase, 600 houses will be built and in the second 500 more.

"In the first phase, we will build the houses on 85 acres and in the second 46 acres. The cost of each house will be in the range of Rs 23 lakh to 28 lakh. There will be a sewage treatment plant and a club with all amenities," he said.

Mr Reddy said the company had recently acquired land for the Madhurawada housing project and also for a budget hotel at NAD junction. He said that till now the company had completed 75 projects and it was taking up several more in Hyderabad and elsewhere.

He said the company achieved a turnover of Rs 211 crore by March 2007, and a net profit of Rs 77 crore. The turnover may go up to Rs 385 crore inthe current financial year.

He said the company wanted to serve the middle classes and priced the houses reasonably.

Mr Sumit Sen, Director, Marketing, said already 20 per cent of the houses had been booked and there was good response from the Vizag public.

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