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Our Bureau

Hyderabad, Feb. 6 Cybercity Builders & Developers and Ashoka Developers on Friday announced a Rs 550-crore integrated township project, Rainbow Vistas, planned to come up at Kukatpally near here.

This project, located on a 15-acre site, will entail creation of 1,600 apartments priced between Rs 28 lakh and Rs 40 lakh. It is programmed to be completed within 24 months, according to Mr Uttam, Chief Executive Officer of Cybercity.

Addressing a press conference here, Mr Uttam said the company has been approached by private equity players for possible stake but no decision has been taken on that option.

However, the company is in the process of discussing with a few banks for financial tie up.

Given the market conditions, the company management said that the project is aimed at catering to the in-demand affordable housing segment with 2- to 3-bedroom apartments in a gated community environment.

Mr Uttam said the company was in parleys for development of two malls – one at Kukatpally and the other at Madhapur near the IT hub of Hyderabad.

The company executive maintained that there is significant pressure on raising finances from a buyer’s perspective and some more rate cuts would help ease up the situation.

More Stories on : Real Estate & Construction | Andhra Pradesh

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