SMR Holdings to develop township at Rs 10 bn
Real Estate

SMR Holdings to develop township at Rs 10 bn

S Ram Reddy, Chairman and Managing Director of SMR Holdings said the firm would develop a satellite township near Hyderabad at a cost of Rs 1,000 crore in a phased manner.

The firm would invest Rs 150 crore in the first phase of the project, Rs 450 crore and Rs 400 crore in the second and third phase respectively.

The firm would develop the project, named SMR Vinay Harmony County, on a 45-acre land parcel. This would initially be set up on a five-acre site and it would have about 450 apartments of one-, two- and three-bedrooms.

The firm is hopeful of selling the apartments priced at about Rs 3,000 per sq ft even in this challenging business environment.

The expects strong demand for properties in Tier II cities and hence it plans to launch more such projects in these cities.

While ICICI Bank gave loan for phase one of the project, the company may borrow from a consortium of banks for second phase of the project in 2014 or 2015. The company is also open to private equity participation but at the special purpose vehicle (SPV) level.

S Ram Reddy, Chairman and Managing Director of SMR Holdings said the firm would develop a satellite township near Hyderabad at a cost of Rs 1,000 crore in a phased manner. The firm would invest Rs 150 crore in the first phase of the project, Rs 450 crore and Rs 400 crore in the second and third phase respectively. The firm would develop the project, named SMR Vinay Harmony County, on a 45-acre land parcel. This would initially be set up on a five-acre site and it would have about 450 apartments of one-, two- and three-bedrooms. The firm is hopeful of selling the apartments priced at about Rs 3,000 per sq ft even in this challenging business environment. The expects strong demand for properties in Tier II cities and hence it plans to launch more such projects in these cities. While ICICI Bank gave loan for phase one of the project, the company may borrow from a consortium of banks for second phase of the project in 2014 or 2015. The company is also open to private equity participation but at the special purpose vehicle (SPV) level.

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