Patel Realty India Limited (PRIL), a subsidiary of Patel Engineering, is poised to invest ₹75 crore in the development of two real estate townships in the city of Hyderabad.
Hyderabad Real Estate to Get Luxury Oriented Smondo From Patel Group (Image Source)
The Mumbai-based construction firm, primarily known for its expertise in hydropower generation and irrigation, is keen on launching its residential projects.
PRIL plans to develop two townships in Hyderabad: the first project, named Smondo, will feature 400 residential apartments, while the yet-to-be-named second township aims to offer an impressive 1000 apartments.
Excluding land costs, the estimated expenditure for the Smondo project stands at ₹15 crore. This residential project will span a total area of 4 acres, while the second project is set to cover an impressive 10 acres, with an estimated cost of ₹60 crore.
In outlining PRIL’s upcoming initiatives, Managing Director Pravin Malkani stated that construction for Smondo is slated to begin in January next year, with completion expected within a two-year timeframe.
Mr. Malkani also indicated that work on the second township is set to commence next June, with a hopeful timeline for delivery within four to five years. These luxury projects primarily target IT professionals, aligning with the demographic demands of the region.
The Hyderabad real estate market continues to exhibit a persistent demand for quality residential options. Despite political uncertainties in Telangana, the demand remains robust and not significantly affected.
According to Mr. Malkani, the sales figures in Hyderabad are not as high as desired, especially when juxtaposed against purchasing capacity. He noted that today’s home buyers lean more towards aesthetically pleasing options, often wishing for their residences to meet international standards.
Current market trends in Hyderabad reveal an inclination towards varied apartment formats such as 2 BHK, 2.5 BHK, and 3 BHK.
Patel Realty boasts a substantial land bank, holding nearly 400 acres within Hyderabad and around 1250 acres across India. The group has various projects in locations including Noida and Bangalore as well.
The ongoing Bangalore Neotown project is estimated to be completed within a 6 to 8-year timeframe, covering an expansive area of 120 acres. The Noida development is expected to be finalized in four to six years and will occupy 35 acres. The Bangalore project is set to deliver 2000 residential units, while the Noida project will comprise 3000 units.
The group’s venture in Mauritius is projected for completion in a similar timeline of four to six years and will span 65 acres. With these properties on the horizon, it is clear that Patel Realty is poised to carve out a significant presence in the real estate landscape.