Indian Property News on 'November, 2007'

Lanco brings Luxe Living in Hyderabad

The Lanco Group has laid plans for a mega residential project at Manikonda, which would be developed over the period of next two years. The project involves an investment of Rs 5,500-crore.

There will be eight skyscrapers, each with 100 flats. This exclusive tower will have over 100 floors in it. According to the present plan, there will be 3-4-bedroom flats ranging from 1,860 sq ft to 1,500 sq ft. The cost of each sq ft will be about Rs 1,500 plus additional and registration costs.

A 3-4 bedroom flat in the proposed signature tower will be no less than Rs 1.2 crore whereas a four-bedroom duplex will come for a whopping Rs 2.5 crore. However, the price varies with size and the kind of facilities provided. The tower will especially cater to residential requirements of deep pocket NRIs.

All flats will have a lobby extending to the living room. The walk-around will have a large open window to allow air circulation and ventilation. The highlight of each flats are Wi-Fi hot spots.

Other exclusive facets of these flats are ceramic ware, bathtub and fittings. Lanco Hills will feature an IT Park with 8.5-million sq ft in 12 towers to accommodate 75,000 employees.

The picturesque surroundings of the tower will be complemented by a sprawling shopping mall spanning 2.5 million sft, 16-screen multiplex, offices, hotels and service apartments.

Unitech To Come Up With A Knowledge City In Vizag

Unitech Ltd has entered into an agreement with the Andhra Pradesh government to develop an exclusive Knowledge City on 1,750 acres of land near Vishakapatnam, for which it will pay Rs 3,328 crore over a ten-year period.

The deal has been fixed for Rs 52 lakh per acre and is believed to be the largest in terms of the acreage from a single source in a single land deal.

Among the bids invited by the AP Government, a Dubai based builder Al Hamra Real Estate Development LLC has also qualified for the bid. However the company lost in the final stage.

According to the sources, Unitech may invest a whopping Rs 20,000 crore in a 10 million square feet of built-up space into an infotech park.

The proposed project will feature high-end villas, apartments, glitzy shopping malls and hotels. Also, there will be school and hospitals, an entertainment park and a 250-acre golf course. The company expects to generate Rs 75,000 crore from the project.

Unitech continues to acquire land, but is not willing to reveal out any details. Eyeing larger prospects, the company avers to avoid participation in overpriced land auctions.