Real estate company Salarpuria Sattva today announced the launch of the Rs 600-crore Necklace Pride project in Hyderabad and outlined plans to take up three more projects by next year.

Bijay Agarwal, Managing Director of Sattva Group, said the company has so far completed over 15 million sq.ft. in Bangalore and has a pipeline of over 30 million sq.ft. The company is now planning to repeat this success in Hyderabad. “We have completed the Cyber Garden project near Hitec City and are launching this project,” he said.

Addressing a press conference here, Agarwal said Necklace Pride was coming up in the heart of the city on an 8.5-acre site acquired from the Government. The project would have residential and retail spaces and a total development of 1.6 million sq.ft. The project has equity investment from Horizon.

The land, which is part of the erstwhile Praga Tools, was acquired four years ago for Rs 150 crore. The project will have 9 lakh sq.ft. of residential, about 2.5 lakh sq.ft. of retail and 4.5 lakh sq.ft. of commercial space. The entire project will come up over three years, he said.

The company recently completed a 7 lakh sq.ft. complex close to Hitec City and handed it to an IT company. “We plan to take up another mixed use project on a 30-acre site acquired from the Government four years ago. That project, which entails development of 7.5 million sq.ft, will start by next year. It is likely to see an investment of about Rs 1,500 crore,” he said.

Salarpuria is also seeking to develop a mixed use integrated township project in Visakhapatnam on a 55-acre site.

rishikumar.vundi@thehindu.co.in

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