Hyderabad, Nov. 6
Koncept Ambience Group has taken up a Rs 300-crore project to create `The Neighbourhood', a mix of independent row houses, flats and villas at Gundlapochampally, on the outskirts of Hyderabad.
Situated about 12 kms from the main commercial areas of Secunderabad on the Medchal highway road, the project is spread over 50 acres and would have 70 per cent green, lungspace, according to Mr Mahabir P. Agrawall, Chairman of the Group.
The self-contained integrated residential township, as the promoters call it, has got all the statutory clearances and would have 290 houses and 450 condominiums. The cost would range between Rs 35 lakhs to Rs 75 lakhs, he told
Business Line. Terming it as a low density residential gated community, Mr Agrawall said only 1.6 million sq ft of total built up area would be their in the 50 acres, which means only 32,000 sq ft per acre, against the industry average of one lakh sq ft per acre.
The customer will have choices and can buy a dream villa, a row house or a condominium, with the best facilities as well as an integrated electronic security system. Work on the project has already begun and handing over would start in the next 18 months.
The company has got foreign direct investment, through some high networth individual based in the US, and has ploughed in internal resources, he said.