Kalpataru Limited, the Mumbai-based real estate company, has launched its first housing project Kalpataru Residency in Hyderabad, which entails construction of about 9.5 lakh square feet of built up area.

The site located on the National Highway connecting Hyderabad-Mumbai and adjacent to stations of Multi-Modal Transport System and upcoming Hyderabad Metro Rail, will see the development of 576 apartments on a 5.5 acre site. The site is part of the 9.5 acre land parcel the company had acquired from British Oxygen in 2008 for Rs 80 crore.

Though the land was acquired several years ago, the company decided to take up its development now as the market passed through a tough business cycle.

Narendra Lodha, Director, sales and marketing, Kalpataru, said, “The company is making its maiden entry into Hyderabad to develop a residential tower blocks where 26 per cent of the land will be used up for construction and the rest will be left aside as open space.”

The project has been certified as Platinum rated by Indian Green Building Council and incorporates a number of eco-friendly features including solar heating, waste water recycling and rain water harvesting facilities.

The company, founded in 1969 has developed a number of marquee residential and commercial buildings in Mumbai, Thane, Lonavala, Panvel, Chennai, Indore and Jodhpur. It has also developed some of the commercial and office facilities in Hyderabad including corporate office of Dr Reddy’s Labs, Wipro IT campus among others through its group company JRC Projects, Sanjay Daga, Vice President, said.

The apartments of 2, 3 and 3-Bed Grande are priced at Rs 71 lakh, Rs 82 lakh and Rs 91 lakh. Each square feet at the launch of the project works out to Rs 4,176.

“After a lull phase, Hyderabad is poised for a strong growth phase,” Lodha said.

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