The Hindu Business Line : Headway to enter TN, AP realty market

Hyderabad March 26 Headway Properties Ltd, a Hyderabad-based real estate player, will be floating another company to foray into Special Economic Zones with an initial investment of Rs 250 crore in Tamil Nadu and Andhra Pradesh.

Speaking to Business Line, the Managing Director, Mr Jagadesh Reddy said, "It need not necessarily be the IT and ITES sector, we are looking at solar energy, biotech and pharmaceutical segments too." Concrete details of the project will be finalised in the next fortnight and actual work will start from 2009, he added.

The company is also expanding into the luxury homes segment with a project at Maheshwaram, located on the outskirts of the city. Real estate activity in Chennaiand Nagpur is also on the cards.

In Tamil Nadu, Headway is planning 350 independent houses for the upper middle class segment on 50 acres at Sriperumbudur. The plot size will range between 2,400 sq ft and 4,000 sq ft. Nagpur projects are at a nascent stage, but the company is aiming to build luxury homes and residential complexes in a 50-acre area, Mr Reddy said.

Designer villas

The Maheshwaram project, to be launched by June 2007, will house 200 luxurious designer villas costing between Rs 85 lakh and Rs 1.36 crore. It is a 50-acre project with Rs 25 crore as land cost. These houses will have a common club with all modern facilities and be set in a pollution-free environment, Mr Reddy said.

The company says that its construction will be unique as they plan to revolve it around five elements of nature. "For example, if the concept is water, the house will be close to water bodies," said Mr Reddy.

Headway has also brought the concept of designer homes to suit the pocket of the middle and upper-middle class segment in Hyderabad. The project called `The Origin', to be launched on April 15, would be located at Shadnagar, 25 kilometres away from the upcoming international airport.

Of 350 plots, bookings have already been made for 80. These independent houses will cost between Rs 28 and 53 lakh, with home-plans ranging between 267 and 400 sq yard. The company also gives customers the option to design their home.