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Aparna Construction and Estates has announced a new ultra luxury Platinum rated high rise apartment project close to the IT hub of Hyderabad that entails an outlay of Rs 600 crore.
The Hyderabad-based Aparna Group is working on several new major projects - residential, retail including malls and commercial - in Hyderabad, Amaravati and Bengaluru. While it has a turnover of Rs 2000 crore, the construction division accounts for Rs 1100 crore and rest Rs 900 comes from the Aparna Enterprises .
C Rakesh Reddy, Director, Aparna Construction and Estates, said “the company has thus far completed about 28 million sq.ft of residential apartments and villas across 38 projects over past 22 years and plans to take up another 12 million sq.ft during the year, including this luxury project named Aparna One close to the IT hub .”
DS Prasad, Director of Aparna Constructions, said “Hyderabad is still the cheapest market among its comparable cities like Pune, Bengaluru and Chennai .”
Mentioning about a detailed survey which resulted in taking up this ultra luxury project, Prasad said “about 20 per cent of the apartments and villas sold come under the luxury category and within this a fourth is accounted by ultra luxury. We are seeking to address that latent market.”
Spread over 9.75 acres, Aparna One will have 464 premium units across 6 blocks. The sizes for the 3 and 4 BHK apartments range from 2876 sq.ft to 5216 sq.ft. Apart from being spacious, they would mark signature living. These apartments are priced at Rs 3-6 crore. Being platinum rated, the apartments consume 28 per cent less electricity, ensure 51 per cent water saving. For Aparna, over the years, about 60-65 per cent of buyers have been through referrals and a big chunk of buyers are NRIs, particularly from the US.
Reddy said “Seventy per cent of commercial space in the city coming up has been pre-booked and this augurs well for growth of the residential projects. Apart from residential, we are also taking up about 3-3.5 million sq.ft of commercial projects along with couple of malls.” Asked about Aparna Constructions plans to tap the capital market with an IPO, Reddy said “No, at least not in the near future.”
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