Hyderabad-based realty company Cybercity Builders and Developers will soon be launching a big gated community project at Porur, a major business hub of Chennai. The company will also be foraying into the Vishakhapatnam market through their development ‘Affordable Luxury,’ another gated community project which will be located in Madhurawada.
The Rs 1,500-crore major gated community at Porur, Chennai, is known to span over 30 acre and will be developed by the company in phases over the coming five or six years. It is located at a distance of 15 km from the airport. The development in Vishakhapatnam has a total planned built-up area of around 3 million sq ft; this includes more than 2,000 apartment units covering nearly 2.5 million sq ft and 0.5 million sq ft assigned for developing villas.
Reports indicate that the company is currently in talks to finalise a tie-up with another Chennai-based company and will launch the project during the upcoming festival season. Previously, Cybercity Builders has worked with IDFC, Goldman Sachs and Walton Street, among others.