Puravankara bags major land deal in Hyderabad

Bangalore, Nov 21 (UNI) Amid stiff competition from realty giants, Bangalore based Puravankara Projects Limited today announced that it has won the tender bid from APIIC (Andhra Pradesh Industrial Infrastructure Corporation) for development of a massive project at the prestigious Hi-tech City, Hyderabad , involving an investment of over Rs 3,500 crore.

Puravankara's bid for the land deal was for Rs 630 crore, a company release here said. The Puravankara's Hi-Tech city project would be a development of about 6.5 million sq ft area.

As the acquired land was in a prime, lucrative and high-rise zone with unlimited FSI. Puravankara Projects would use the land for mixed development of high end ultra luxury retail, residential, commercial and hospitality complexes, the release said.

APIICC floated the tender for the project with a reserve price of Rs.20 Cr per acre and received three bids including DLF and BPTC.

High-Tech City was the new IT destination for many in the world and the area had developed rapidly with world class infrastructure facilities.

UNI