Cybercity Builders and Developers, the Hyderabad-based real estate company, is set to foray into the Chennai metropolitan market with a major gated community project at Porur.
The company, which has all through operated in Hyderabad, is also set to enter the port city of Visakhapatnam with another gated community project.
Venu Vinod, Managing Director of Cybercity Builders and Developers, told BusinessLine, the company plans to develop the Chennai property on a 30-acre site in a phased manner over the next five-six years.
The project, described as affordable luxury, will have a total built-up space of over 3 million sq.ft, which includes about 2,000-plus apartments with a total built-up area of about 2.5 million sq.ft and about half a million sq.ft of villas.
“We are in the process of finalising a strategic tie-up with a leading Chennai-based company and expect to announce it soon. The Rs. 1,500-crore project will be formally launched during the festive season,” Vinod said.
Referring to funding, he said, “Like we have done in the past, after the project launch, we may infuse some funds through a strategic partner. In the past Goldman Sachs, IDFC, Walton Street, have been among several marquee investors in our projects.”
The Chennai project is located about 15 km from the airport and in the business-cum-commercial hub of the city. “We are looking at offering the property at an aggressive price of about Rs. 4,000 per sq.ft, The size of the apartments would range from about 700 to 1,500 sq.ft.
Talking about the company’s entry into the Vizag market, Vinod said the villa project would come up at Madhurawada, where there is immense potential for growth.
The company has so far developed more than 5.5 million sq.ft of residential space across different projects, Rainbow Vistas and Marina Skies. The latter designed by Hafeez Contractor, is now under construction. The project would be completed by 2020-2021.
The Marina Skies project will also see the development of a commercial hub of over 2 million sq.ft and a five-star property for Hyatt. Both these would be taken up in a phased manner, Vinod explained.