Manjeera Constructions Ltd, part of the Manjeera Group which is into real estate and hospitality, today announced the launch of a premium luxury villa project — Purple Town located close to the financial district of Hyderabad.

The Rs 40-crore project is strategically located to serve both the IT hub of Hyderabad and also the services industry professionals looking at the new destination, which has emerged as a hot spot for commercial projects within minutes drive of the new international airport. Each villa located on a 300 sq yard plot with a built up area of 3,400 sq ft is priced at Rs 2 crore.

The company is also seeking to woo the NRI community with an attractive offer wherein they could borrow in dollar terms and invest here, taking advantage of the weaker rupee. They could also take advantage of the discount for those who invest before the end of December, according to Mr G.Yoganand, Chairman and Managing Director of Manjeera Group.

Addressing a press conference here today, Mr Yoganand said, “this is being developed in the company's existing land bank. Given the market conditions, both for property and the equity market, we are cautious about taking up new projects. The focus is on consolidation of existing ventures.”

The company is currently focussing on raising debt and has ruled out any efforts to tap the market to offer exit route to couple of its early investors.

Mr Kishore Kumar, Chief Operating Officer of Manjeera Group, said, “the real estate sector in Hyderabad is on a growth path and we expect to see some accelerated development.”

vrishi@thehindu.co.in

(This article was published on December 8, 2011)
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