Real estate firm Brigade Group has launched Rs 200-crore premium housing project in Hyderabad and hinted at plans to develop more projects, including in the affordable housing segment.

The Bangalore-based listed entity, which now has a pipeline of about 30 million square feet of projects in South India, including 10 million square feet already launched, today indicated that it is on the look out for taking up more projects in Hyderabad.

Announcing the launch of Brigade at No.7, M.R.Jaishankar, Chairman and Managing Director of Brigade Group, said the project will have only 55 apartments in 11 blocks of five floors each on a 3- acre site. It will have only one apartment per floor ranging upwards of 3,350 square feet and priced at Rs 3.6 crore onwards, exclusive of car park for three and statutory expenses.

Each premium residence located in the upmarket Banjara Hills of Hyderabad will be Vaastu compliant and epitomises luxury and style with club house, gym, swimming pool and other facilities, he said.

Referring to the real estate market, he said that it was relatively subdued during 2008 and 2010 but the market conditions improved significantly during 2012. There is general expectation that things would get better during 2013.

The company investments would work out to about Rs 6,000 crore to Rs 7,000 crore for the projects in pipeline. This includes funding from internal resources, customer advances and debt. The company had a Private Equity Investment for a project in Bangalore to be taken up on Hindustan Lever land.

"We have taken up work on about 8,000 apartments, with majority of them in the affordable category which we define as in the Rs 25 lakh to Rs 35 lakh," he said.

>rishikumar.vundi@thehindu.co.in

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