Kumar Urban Development Ltd (KUL) is developing KUL Ecoloch, up an integrated township with 3000 residential units, and an adjoining Special Economic Zone under its brand Cerebrum on a total of around 300 acres of land at Mahalunge near Hinjewadi.
Located on 193 acres of land and designed by architect Hafeez Contractor, the Rs 300 crore eco-friendly residential project is based on a survey in which 800 prospective home owners were invited to share their expectations of premium homes. ICICI Prudential holds 10% stake in the project.
The first phase of construction involves 1600 units on 17 acres, beginning with 7-floor towers for 1100 one and two bedroom apartments and two 18-floor towers for 200 three and four bedroom apartments. The cost of the apartments has been worked out on a carpet area basis and includes all mandatory charges like stamp fee, registration, maintenance, amenities as well as parking, Mr Kruti Jain, Director, KUL said.
On this basis, the cost of a one bedroom-hall-kitchen flat (556-620 sq ft carpet) would be between Rs 21.5-22.7 lakh she said, while the 3 BHK (1220-1450 sq ft) would range from Rs 55 lakh to Rs one crore. Delivery of the first set of flats will be one year from now.
The Rs 400 crore SEZ project on over 100 acres of land involves the construction of a total of six million sq ft of area.