Shanta Sriram to develop township, multiplexes

Our Bureau Hyderabad | Updated on March 17, 2011

Shanta Sriram Constructions, a Hyderabad-based real estate company, plans to develop a satellite township and six multiplex-cum-mixed use commercial complexes and a hotel in the city, the latter with an investment of about Rs 500 crore.

The Managing Director of Shanta Sriram, Mr M. Narsaiah, said the company, which is close to completing nearly two decades in the real estate business, thrives on referrals for sale of properties in its projects. This has played a role in it tiding over even tough times faced by the sector.

Speaking to Business Line, Mr Narsaiah said the company is engaged in about 25 projects in the twin cities of Hyderabad and Secunderabad and has also taken up a project in Bangalore. “We have enough work on hand in Hyderabad itself, therefore, we are not looking at other cities,” he said.

“The township project is coming up on the National Highway to Nagpur and would have 140 apartments in the first phase. We are also developing two other residential projects in the city — on a 2.5-acre site at Padmaraonagar and another near the Skandagiri temple,” he said.

The company is developing six multiplexes and malls in the city. These are located at Patny circle, Odeon and Sudarshan theatres respectively, Blue Moon Hotel, Road No. 36 and Gachibowli junction close to the IT hub. These multiplexes will entail an investment of Rs 500 crore.

“The Gachibowli project alone is likely to see an investment of Rs 400 crore and would have a three-star hotel property, shopping mall and a vast entertainment zone. The project is coming up on a 10-acre site, and would be designed for mixed use, both commercial and entertainment,” he said.

Referring to the real estate meltdown, Mr Narsaiah said “this phase called for a cautious approach. We too delayed taking up new projects. But lately things have begun to look up and there is demand for good projects at busy locations in the city. Most of our projects are located strategically and make sense for those who are interested in them.”

Published on March 17, 2011

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