Cybercity builders and Developers & Ashoka Developers on friday announced a Rs 550-crore integrated township project, Rainbow Vistas, Planned to come up at Kukatpally near Hyderabad.
This project located on a 15-acer site, will entail creation of 1,600 apartments priced between Rs. 28 lakh and Rs. 40 lakh. It is programed to be completed with in 24 months, According to Mr Uttam, Chief executive officer of Cibercity.
Given the market conditions the company management that the project is aimed at catering to the in-demand affordable housing segment with 2- to 3-bedroom apartments in a gated community environment.
Mr Uttam said the company was in parleys for development of two malls-one at Kukatpally and other at Madhapur near IT Hub of Hyderabad.
The company executive maintained that there is significant presure on raising finances from a buyer's perspective and some more rate cuts would help ease up the situation.
To lure customers into investing a house even though there is a global recession, realty firms are planning to start massive projects in and arround Hyderabad. The realty firms are holding the carrot of posh projects at affordable prices.
V. Venu Vinod, Managing Director(MD), Cybercity builders and Developers Pvt even though recession has Hit thr entire Business activities in Hyderabad, The realty sector would have a tremondous growth as many firms are coming up with affordable properties and quality constructions. The Cibercity project will prove by offering affordable houses at cheap prices for middle class families.
The Cybercity Builders and Developers Pvt Ltd and Ashoka Development and Builders are coming up with a joint venture, 'Rainboe Vistas', located at Kukatpally, near to Hitech City Hyderabad.
Storeyed landmark residential complex, New generation homes, Vastly commercial, recreational, Entertainment, Educational, Hospital and office space by keeping the concept of value for money.
"Rainbow Vistas venture will be completed in a phased manner and it will have at least 1500 flats both in 2 and 3 BHK sprawling in a total area of 15 acers at Kukatpally, closed to Hitech city. In first phase we are plannning to construct as many as 200 flats and it will be available in 1100 and 1400 square feet of constructed area. Prices of flats will begin from Rs. 28 lakh for 2BHK and Rs.35 lakh for
3BHK onwards. The first of work will begin from April and it will be completed with in 2 years.
Uttam Korupol, Chief executive officer(CEO), Ciber City was coming with a joint venture to provide dream house at affordable prices for the middle, And the Higher middles class pople. The Ciber City has also a featured plans and it would come with its own prestigious projects.