The Hindu Business Line : RedHawk plans techno township near Hyderabad

Hyderabad, Oct. 10 RedHawk Investments Group today announced plans to set up a $350 million (Rs 1,400 crore) techno-township near Hyderabad in partnership with Dreamland Infrastructures.

The Colorado-based RedHawk plans to develop about 30 million sq ft of built-up area on a 600-acre site, which the company’s local partner Dreamland has already acquired with an investment of about $50 million (about Rs 200 crore).

Funding

Addressing a press conference, the Chief Executive Officer of RedHawk, Mr Bipin Agarwal, said that the company plans to raise funds through private equity and through debt to fund this project, which is to be completed in a phased manner.

“Unlike some of the speculative real estate projects in Hyderabad, who have pegged each square feet of built-up space ranging between Rs 2,500 and Rs 5,000, which is unaffordable to most of the sections of society, we are looking at benchmarking prices ranging from Rs 1,500 to Rs 5,000 per sq ft, with the higher priced ones targeted at the office space,” he explained.

Of the 30 million sq ft of built-up space, 26 million will be for residential accommodation of all types, flats and villas, three million square feet for four-five major companies for their office space and the rest three million sq ft for common infrastructure including retail, hospital and educational institutions.

The idea is to create a township that would host not just work space but living accommodation and serve as a self-contained township.

“We have signed up with a company and expect to freeze four more within three months,” Mr Agarwal said.

“This project is to be located off the Vijayawada highway along the Outer Ring Road project,” he said.

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