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Our Bureau

Hyderabad, Aug. 10 Chennai-based Jain Housing and Constructions Ltd will be investing Rs 700 crore in a residential project at Khajaguda here.

The project ‘Jains Carlton Creek’ is a joint venture with city-based Narne Homes, which will provide the 13-acre plot to Jain for developing the venture, Mr Sandeep Mehta, Managing Director, Jain Housing told newspersons here on Saturday.

“We will give a certain share of the completed apartments to Narne Homes,” Mr Mehta said, declining to give further details.

The project consists of 1,120 two/three bedroom flats (3,395 sq ft onwards). Modern amenities, including modular kitchens, designer bathrooms, panoramic windows, centralised gas pipeline system, cable television network, round the clock security and power back-up with generator, would be provided, Mr Mehta said.

The apartments, measuring between 1,186 sq ft and 1,289 sq ft (two-bedroom) and 1,395 sq ft and 3,269 sq ft (three-bedroom), would cost between Rs 35 lakh and Rs 1.2 crore. “Our market survey in Hyderabad revealed that most of the ventures are offering decent flats in Rs 70 lakh to Rs 1 crore bracket. Our objective is to combine the concept of budget flats with the concept of luxury,” he said.

The entire project would be completed within a period of three years, he added.

Jain Housing is also planning to develop another residential project in the city near Bundlaguda exclusively for IT professionals, which would be priced between Rs 40-50 lakh. “We are in the process of acquiring five acres of land for the project,” he said.

It is also planning to launch a residential project in Visakhapatnam soon.

Jain Housing had clocked a Rs 280-crore turnover last with year, with profit after tax at Rs 120 crore. It currently has 63 on-going projects in Chennai, Bangalore, Cochin, Pune, Mysore and Coimbatore on over 10 million sq ft of land.

More Stories on : Real Estate & Construction | Andhra Pradesh

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