Rs 650 crore 'Indu Aranya' launched

Hyderabad, Aug 13 (UNI) Buoyed with the success of its previous residential township - Indu Fortune Fields, Indu Projects Limited, a city based end-to-end infrastructure solutions provider, today launched an integrated township, Indu Aranya, a Rs 625 crore project with 270 independent houses and 950 apartments.

Located adjacent to the National Deer Park, a national forest reserve, the proposed gated township would be spread over 50 acres of land from Andhra Pradesh Housing Board (APHB). Indu plans to build 270 independent homes and 950 apartments across a total built-up area of two million sqft. It would have 11 acre open park.

The township would have every possible lifestyle amenities including club house, meditation centre, party lawn and open air theatre, and would be completed in two years, Company Managing Director and CEO Syam Prasad Reddy said.

The independent houses would cost between Rs 45 lakh to Rs 75 lakh, he said.

Prices of the apartments would be announced shortly. The Indu had five per cent revenue-sharing arrangement with APHB, and to allot about 1.8 lakh sqft of the 25 lakh sqft area of the project to APHB at subsidised price of Rs 475 per sqft for the land given to it for development.

With Rs 50 crore equity, the Company plans to raise another Rs 60 crore as debt, the rest would be through sales and bookings slated to be started on August 17, he said.

UNI