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IL&FS to invest Rs 150 cr on Hyd's apartment project
IL&FS Infrastructure Leasing and Financial Services, which took over the reins of crisis-ridden Maytas Properties in 2011, will be investing Rs 150 crore in developing a residential apartment project in the vicinity of ‘Maytas Hill County’ located on the outskirts of Hyderabad.
The company will be coming up with a 400-unit apartment project on 12-and-a-half acre near Hill County. Construction work on the project is expected to commence by the end of this calendar, and it would ready for delivery in two years from then, said PV Rao, Chief Operating Officer of IL&FS Infrastructure.
Rao said the company was also contemplating developing a residential venture on over 40 acre land parcel as part of Phase-II of Hill County. The project is still in the planning stage. It may be recalled that IL&FS had been allowed by the CLB in 2011 to hold 80 per cent equity in Maytas Properties, a company promoted by the family of disgraced Satyam Computer Services founder B Ramalinga Raju.
IL&FS Infrastructure Leasing and Financial Services, which took over the reins of crisis-ridden Maytas Properties in 2011, will be investing Rs 150 crore in developing a residential apartment project in the vicinity of ‘Maytas Hill County’ located on the outskirts of Hyderabad. The company will be coming up with a 400-unit apartment project on 12-and-a-half acre near Hill County. Construction work on the project is expected to commence by the end of this calendar, and it would ready for delivery in two years from then, said PV Rao, Chief Operating Officer of IL&FS Infrastructure. Rao said the company was also contemplating developing a residential venture on over 40 acre land parcel as part of Phase-II of Hill County. The project is still in the planning stage. It may be recalled that IL&FS had been allowed by the CLB in 2011 to hold 80 per cent equity in Maytas Properties, a company promoted by the family of disgraced Satyam Computer Services founder B Ramalinga Raju.