Latest Property News on 'Hyderabad'

SC breather to Lanco Infra on township project

HYDERABAD: In a major relief to the infrastructure firm Lanco Infratech, the Supreme Court on Tuesday stayed orders of Andhra Pradesh High Court issued last month that prohibited the company from continuing construction activities at its major township project in Hyderabad.

The high court had on 3 April observed that the land on which Lanco is building its integrated township project belong the Wakf Board and stayed construction activities on the disputed land till further orders.

In 2005, Lanco had obtained around 100 acres of land through international competitive bidding organized by the AP government at Rs 4.27 crore an acre for its Rs 5,000 crore township project. According to Lanco Hills chief operating officer S. Pochender, the company has so far spent over Rs 2,600 crore to complete a part of the project.

Other corporates that secured the said land both through auction and allotments from the AP government include Microsoft, Infosys, Polaris, Indian School of Business and Emaar among others. In all, the state government had allotted 1,654 acres of land at Manikonda in the Hyderabad outskirts to various entities.

Two years after AP government allotted the land to several corporates and institutions, the Wakf Board claimed ownership over the land in 2007 contesting the government’s decision to hand over the prime Wakf property in favour of corporates and institutions. The Board urged the Wakf Tribunal to restrain Lanco from selling the property to third parties in the township project and obtained favourable directives. Contesting this, Lanco moved high court but in vain.

Last month, both Lanco and the AP government, separately moved the Supreme Court contesting the orders of high court and Wakf Tribunal.

“The dispute over the original ownership of land is between the AP government and Wakf Board. The government has informed the Supreme Court that the land was allotted to various entities through competitive bidding and assured that if it finally evolves that the land belongs to Wakf Board then the government will adequately compensate the Board,” Pochender told ET.

The Supreme Court, after issuing interim orders staying directives of both high court and Wakf Tribunal on Tuesday, allowed Lanco to proceed with its construction activities and posted the case for further hearing during second week of August.

Pochender said the final judgement of the Supreme Court will not have any bearing on Lanco Hills project since the Apex Court has taken into account fact that the dispute is between the state government and Wakf Board. “The court has taken note of the assurance offered by the state government that it would adequately compensate the Wakf Board if the final decision comes in favour of latter.”

Hyderabad 3rd most affordable office location in 2011: Study

NEW DELHI: Hyderabad has emerged as the world’s third most affordable office location in 2011 in a list prepared by global realty consultant DTZ, which has also named Chennai and Pune among the top five such positions.

According to DTZ’s latest study ‘Global Occupancy Costs – Offices’, Surabaya in Indonesia and Qingdao in China were placed in the top two positions of the chart as the most affordable office locations in the world last year.

“While Tier II cities in India and China dominate the list of top 10 most affordable markets globally, Surabaya in Indonesia remains number one,” DTZ said in the report.

The consultant said Hong Kong, London, Geneva, Tokyo and Zurich were the five most expensive office markets in 2011.

DTZ said Surabaya and Qingdao saw average rentals of $ 1,680 and $ 2,380 per workstation a year, respectively in 2011.

Hyderabad, Chennai and Pune followed the top two places with rentals of $ 2,430, $ 2,570 and $ 2,590 a year per workstation respectively, it added.

The study showed that Hong Kong was costliest office place with an annual rental of $ 25,160 per workstation in 2011, followed by London and Geneva at $ 22,590 and $ 18,740, respectively.

DTZ, however, said many cities across the world are likely to witness decline in their rentals during this year.

“Under the downside scenario, 2012 offers occupiers a window of opportunity in which to realise cost savings as rents decline… In the top five least affordable cities of Paris, Tokyo, Geneva, London and Hong Kong, office rents fall in 2012 under the euro break-up scenario,” it added.

Occupiers in Rome and Milan are likely to benefit from falling occupancy costs over the next five years as sharp decreases in rents are expected in 2012 and 2013, DTZ said.

It further said office rentals in low-cost Indian cities may see double-digit falls in this year.

Real estate firm director among six held for cheating

Hyderabad Police have arrested six persons, including director of a real estate firm, in Ongole town of Andhra Pradesh on charge of cheating people under multi-level marketing money circulation schemes suspected to be involving several crores.

The accused, including D Harinath, one of directors of ‘Akshaya Gold Real Estate and Developers Pvt Ltd’ at Ongole in Prakasam district, collected money from people by promising them high returns besides offereing housing plots towards enrollment of members under the schemes, police sources said today.

The exact amount of money involved in these schemes was being ascertained, they said. Efforts were on to nab other directors of the firm which had floated seven such companies across the state. Special teams were being sent to Hyderabad and Visakhapatnam in this regard, police added.

Source: http://www.track2realty.com/real-estate-firm-director-among-six-held-for-cheating

CAG exposes multi-crore AP land scam

Hyderabad: The “benevolence” of the Congress government in Andhra Pradesh in allocation of land (irregularly) for different purposes has caused enormous monetary loss running into several thousand crores of rupees between 2006 and 2011, the Comptroller and Auditor General (CAG) has said.

Alienation/allotment of land by the AP Government during 2006-11 was characterised by grave irregularities, involving allotment in an ad-hoc, arbitrary and discretionary manner to private persons and entities at very low rates, without safeguarding the financial and socio-economic interests of the state, the CAG said in its audit report for 2010-11 which was tabled in the Assembly today.

Most of these allotments were made during the tenure of the late Chief Minister Y S Rajasekhara Reddy (who was in power between 2004 and 2009).

In a large number of cases of land allotment, the State Government ignored the prescribed procedures and disregarded “canons of financial propriety”, the CAG noted.

Audit scrutiny revealed that undue benefit of Rs 1784 crore was given to various entities and persons, due to the difference in the rates at which land was allotted and the market value as recommended by the District Collector concerned or the Empowered Committee (headed by the Chief Commissioner of Land Administration).

“During 2006-11, the State Government alienated/allotted 88,492 acres of land to 1,027 beneficiaries. In the 11 sampled districts, 459 allotments were made, involving 50,285.90 acres of land. Of these, 409 cases were scrutinised in audit.

“Audit found that land allotments for commercial purposes were not made in a fair, consistent and transparent manner so as to serve the public interest,” the CAG observed.

The Government was yet to realise the cost of land alienation in 60 cases in 11 districts, resulting in dues amounting to Rs 2,559 crore, the auditor said.

This was the first time that the CAG has come out with a comprehensive audit report on land allotments in AP even as the doles of the YSR Government remained a subject of major scandal and controversy in the last few years.

Among the major findings of the CAG were the irregular allotment of thousands of acres of land to former Karnataka Minister Gali Janardhana Reddy’s business ventures, the proposed Lepakshi Knowledge Hub in Anantapur district and the Vanpic port project, all of which incidentally are being probed by CBI as part of inquiry into the amassing of illegal wealth by YSR’s son and Kadapa MP Y S Jaganmohan Reddy.

The CAG, in a way, endorsed the allegations levelled by all Opposition parties in the state over the allotment of land in total violation of rules.

“An extent of 3,115.64 acres of land in Jammalamadugu mandal in Kadapa district was allotted to Brahmani Industries Ltd (of Gali Janardhana Reddy) for setting up a commercial airport and flying academy, in violation of Government of India’s policy on setting up of commercial airports, and without verifying the suitability of the site and viability of the project. It overlooked the fact that the Kadapa airport was just 50 km away,” the CAG report pointed out.

Although the land required for the proposed airport was only around 2,500 acres (as observed by Principal Secretary-Industries and Infrastructure Department), the extent of land alienated was 3,115.64 acres. Thus, an excess allotment of 615.64 acres was made in this case, it said.

The decision to alienate land to Brahmani Industries (BIL) was taken by the Council of Ministers (headed by YSR) even though all the facts were brought to its notice by CCLA, who had also cautioned the Government against the viability of setting up a second airport in the same area, it said.

Alienation of government land to BIL was thus injudicious and in violation of all the established rules and good practices. It clearly amounted to an undue favour to the company without any justification, the CAG observed.

Not stopping at that, another 10,760.66 acres of land in the same mandal was allotted to Brahmani Industries for a green-field Integrated Steel Plant. This involved illegal alienation of 674.58 acres of water bodies and allocation of 2 tmc feet of water from the Gandikota Reservoir without environmental clearance or independent examination of the project report. As of November 2011, even the first phase of construction had not been completed, the CAG noted.

Favours under the YSR Government were also allegedly extended to Gali Janardhana Reddy’s Obulapuram Mining Company (OMC), which has figured in illegal mining activities.

The request of OMC, which had unauthorisedly occupied Government lands, for grant of lease of 413.81 acres was turned down by Anantapur District Collector in August 2008.

However, within a month thereafter, this position was reversed by the Collector who, at the request of state-run APIIC, recommended alienation of 304.66 acres of land (for transfer to OMC) for establishment of an industrial park. The reasons for reconsidering the lease or alienating the land were not recorded, the CAG observed.

In another case, the Andhra Pradesh Industrial Infrastructure Corp (APIIC) irregularly executed a sale deed for 8844.01 acres of land in Anantapur district in favour of Lepakshi Knowledge Hub Ltd (LKH) even before creation of infrastructure by the developer. LKH did not establish any industry nor create any employment, but had mortgaged 4,397 acres of allotted land for obtaining loans to the tune of of Rs 790 crore from different banks, it said.

The State Government lost revenue of Rs 874.03 crore by alienating 881.32 acres in Mamidipally Village, Ranga Reddy District to APIIC at a meagre cost. APIIC, in turn allotted 500 acres of this land at very low rates to Indu Tech Zone and Brahmani Infra Tech even before orders of alienation were issued, the CAG said in an other observation.

The State Government has been a “mute spectator” to encroachment of its lands. Instead of instituting a mechanism for preventing and detecting illegal encroachments and dealing with them swiftly and effectively, in a sense, it has fuelled encroachments by regularising 14,878 of such unauthorised encroachments involving 21 lakh sq yards of land, collecting a meagre revenue of Rs 63.71 crore, the CAG maintained.

“The Comptroller and Auditor General of India has been pointing out, in his Audit Reports, year after year, several irregularities relating to allotment of land by the Government of Andhra Pradesh.

The State Government, however, is yet to take corrective measures in this regard and come up with a comprehensive policy relating to alienation/allotment of land.

The Government had also not formulated any land use policy defining its sector-wise priorities in utilisation/allotment of land for the present and future needs for socio-economic development of the state,” the CAG report observed.

Source: http://www.financialexpress.com/news/cag-exposes-multicrore-ap-land-scam/930131/0

Hyderabad favoured destination for investment

Hyderabad continues to be a favoured destination for investments due to its unique infrastructure, and real estate prospects are promising despite the Telangana agitation. Realty experts believe Hyderabad’s new international airport, the rapidly-growing urban infrastructure, satellite townships, cosmopolitan lifestyle & culture, and large employable talent pool for the services sector make it attractive for IT, hospitality and other services sector.

Hyderabad is basically a services sector growth-driven market and the infrastructure is getting better by the day. While the IT sector spreads to new areas around the city such as Uppal, Pocharam, Bachupally, Jawaharnagar and Shamshabad, other industries are also setting up base in the city. New investments are expected in pharma and biotech, manufacturing SEZs and research & education.

According to the Jones Lang LaSalle (JLL) report, the growth in the IT sector and new infrastructure projects such as the Hyderabad Metro is expected to give a push to housing and retail investments in the city. Investor perception of Hyderabad’s real estate market is set to turn positive.

The report said the market had remained still in the last few years because of the economic recession and relatively uncertain political conditions immediately following it. The period, which saw a correction in valuations to an extent of 30-35 per cent, was a short-term phenomenon and investor sentiments would bounce back, it said.

According to the report, though a few Greenfield projects have remained stalled, many residential projects which had seen PE investments are witnessing good sales. Hyderabad is still much more affordable, with property prices in prime precincts of the city being relatively less than in other cities.

The President of Andhra Pradesh Real Estate Developers’ Association (APREDA), Prem Kumar, admits prices have bottomed out, but input costs have gone up significantly. “We don’t see much downside from here. On the contrary, prices could firm up. Therefore for buyers, who are keen to acquire a property, there should be no reason to postpone,” he says.

Realtors believe setting up of new projects, such as the new international airport and educational institutions around Hyderabad and new IT projects in the suburbs creates new jobs that attract people to invest. This will happen again, even though the city may see a momentary subdued phase.

According to real estate consultants Cushman & Wakefield, a total demand of 2.3 million units of residential property is likely in the next five years, and the estimated supply is likely to be approximately one million, leaving a gap of approximately 1.3 million.

Unlike upward pressure on prices in cities such as Mumbai and Bangalore, where the supply is less, Hyderabad may see a lower demand-supply gap, therefore it is unlikely to see appreciation of capital values. In another report, Cushman & Wakefield, while discussing commercial property, stated that Hyderabad, along with Chennai and Kolkata, would see a little gap between demand and supply, due to more cautious and planned developments, supported with the higher growth potential of demand.

APREDA maintains that business sentiment is better, and some of the developers are looking at launching new projects after a subdued phase. However, just when things were looking up for the real estate sector, with some of the property developers jacking up prices by Rs 50 to Rs 200 per square feet, after a prolonged subdued phase, the agitation has impacted the overall business sentiment and also that of the buyers, a cross-section of real estate developers repent.

Speaking at an event organized by APREDA, the Chief Minister N Kiran Kumar Reddy recently stressed on the importance of the sector, which is one of the highest revenue grosser for the state. Speaking about the Government’s efforts to construct the Outer Ring Road and bring to the city the metro rail, the Chief Minister said that the two developments would greatly benefit local construction firms as they would add to Hyderabad’s infrastructure.

“The Hyderabad Metro Rail project is faced with some teething problems at present. But we have full faith in the company (L&T) and I am sure it will start work on the project soon,” Reddy claimed. Speaking about affordable housing, Reddy said that it was important to provide homes to people from all sections of society and even appealed to buyers to invest in Hyderabad’s property, the ‘T’ stir notwithstanding. “This is the best time to buy property in the city as rates have dropped significantly,” he said.

The Government’s plan to move industries from the city to the outskirts opens up opportunities for investors to acquire industrial land at good valuations for use in residential projects.

While the going during 2011 has been good for realtors, they believe 2012 can be the turnaround year notwithstanding the Telangana issue. Developers are not deterred by the consequences of the agitation, as they believe the state’s and cities fundamentals are strong.

They prefer not to get engaged in a dialogue on the T-issue as this is something which they have been grappling with over the last four to five years, each time such a development disrupting their business. This is also responsible for relatively subdued pricing compared to other major cities in the country.

However, it does not matter whether separate State is formed or not. Those who are in need of a house will buy the property any way, developers maintain.

Advantage Hyderabad

Unique infrastructure
New International Airport
IT/ITeS, SEZ, Pharma & biotech
Large talent pool
Metro rail project

Source: http://www.track2realty.com/hyderabad-favoured-destination-for-investment

AP govt enacts legislation to amend Land Reforms Act

Hyderabad: Overruling various objections by Opposition parties and the demand that it be referred to a select committee of the House, the Andhra Pradesh government today enacted a legislation to further amend the Andhra Pradesh Land Reforms (Ceiling on Agricultural Holdings) Act, 1973.
The amended legislation is aimed at “improving the conditions of poor agriculturists and curbing the concentration of land in the hands of a few people by taking over the ceiling surplus land and distributing the same among the landless poor,” the government claimed.

The Opposition parties, however, cried foul and warned the government that the amended law would lead to rise in corruption besides leaving scope for misuse of the Land Reforms Act.

The Majlis-e-Ittehadul Muslimeen was the most vociferous in its opposition to the “arbitrary and draconian” legislation. “This law will open a Pandora’s box and let corruption grow,” MIM senior MLA Virasat Rasool Khan warned.

TDP legislator Palle Raghunatha Reddy said the existing Land Reforms Act did not ensure any tangible benefits to the landless poor.

Lok Satta Party member N Jayaprakash Narayan said the new legislation was in principle good but the danger lay in entrusting unbridled powers to the officials, leaving scope for misuse. He suggested that there should be a two-stage process to check misuse of the law and avoid unnecessary litigation.

Members also took strong exception to the suo moto powers to re-open even age-old cases of land ceiling.

The CPI and the CPM legislators too, while welcoming the legislation per se, apprehended that there could be scope for its misuse. The government should ensure that this did not happen. In voice, the Opposition parties demanded that the Bill be referred to a select committee of the House for thorough scrutiny.

Legislative Affairs D Sridhar Babu, deputing for Revenue Minister N Raghuveera Reddy, maintained that proper procedures would be followed in hearing any cases related to land ceiling disputes. “Parties interested in the cases will be heard and arbitrary decisions will not be taken by the authorities concerned,” he sought to assure the agitated Opposition members.

Sridhar Babu also said there was no need for referring the Bill to a select committee as it was drafted after taking expert opinion and legal advice.

The House then passed the legislation through voice vote.

Source: http://www.financialexpress.com/news/ap-govt-enacts-legislation-to-amend-land-reforms-act/918711/0

Ramky Estates plans Rs 1,700-crore investment

HYDERABAD: Ramky Estates and Farms Ltd on Wednesday said it plans to invest Rs 1,700 crore in the markets of Hyderabad, Chennai and Bangalore in the next 3 to 4 years.

The announcement was made by Ramky Estates Executive Director M Nandakishore after the launch of a residential project here. Besides these cities, the realty firm will expand its construction activities in other parts of the country, including Mumbai and Kolkata, he told reporters.

Meanwhile, the company launched ‘Ramky Towers Elite’, a project consisting of two residential towers of 19 floors each in the city.

He said Ramky Group, a pioneer in waste management and infrastructure development, is developing a `Discover City’ on a 750-acre plot in Hyderabad with foreign investment.

Source: http://economictimes.indiatimes.com/markets/real-estate/news-/ramky-estates-plans-rs-1700-crore-investment/articleshow/11811934.cms

Hyderabad realty in consolidation mode

The year 2012 has begun on a promising note with new projects being announced, a relatively stable political environment without much sign of a stir for the separate Statehood of Telangana, and a successful CII Partnership Summit, which was witness to the assurance of huge investment proposals. Builders hope these would create good vibes for the sector.

The Hyderabad real estate market continues to consolidate after entering the new year, with prices still at three-year lows. Builders across segments, luxury housing, middle-income and affordable housing, believe that the market sentiment shows that it is still a buyer’s market.
ROBUST GROWTH

The General Manager of Ramky Estates, Mr Patnaik D. R., told Business Line that demand has shot up in most major cities of the State, barring Hyderabad. Visakhapatnam, for instance, has shown a robust growth and prices too have firmed up there. The situation continues to be stable in Hyderabad.

Several developers have announced new projects in the past few weeks, showing a good sentiment spilling onto 2012. PEBL, a venture that is developing a large project with L&T as construction partner, has announced a project close to the IT hub; Mahindra Lifespaces, one of the top real estate developers, announced a new project, and a few others are close to firming up new ventures.

Many of the developers are also looking at the affordable housing segment, where there is relative demand-supply mismatch.
Mr P. V. Ravindra Kumar, Chief Executive Officer of Vasathi Housing Ltd, said that the company is looking at not only expanding their new venture Vasathi Housing project, but also setting up projects in Bangalore and Chennai. There is good business environment in real estate lately. “Any project that is strategically positioned, with right price offering, will be successful,” he said.

The Managing Director and CEO of Mahindra Lifespace Developers Ltd, Ms Anita Arjundas, earlier during the month, announced their entry into Hyderabad, with a one million square-foot, Rs 250-crore housing project. She said “for a corporate entity focussing on the real estate market in several States of the country, we continue to invest in new projects unmindful of the slowdown, factoring the business cycle of ups and downs.”

“In fact, we continue to study the market keenly and are close to finalising plans for affordable housing ventures, where there is demand. This is a promising area, and the company hopes to enter this by next year, beginning with a focus on markets such as Maharashtra,” she said.

BUOYANT MARKET

During a meet hosted by the Confederation of Real Estate Developers Association of India (CREDAI) here recently, Mr G. Yoganand, Managing Director of Manjeera Constructions, said the real estate market in Hyderabad is on course again, particularly in the core city areas. The shortage of housing units in the core city areas is resulting in increasing demand in peripheral areas, which are well-connected.
Mr Yoganand, who is the President of CREDAI, AP, quoted consulting firms Jones Lang Lasalle and Knight Frank and their reports to suggest that the real estate prices will go up during the year.

Mr Prem Kumar, President of Andhra Pradesh Real Estate Developers Association (APREDA), said the realty market continues to look buoyant from November last. The agitation-related issues have settled down, the Partnership Summit ended on a very good note and the number of enquiries is going up.

The prices are also likely to firm up as input costs have gone up. The GO No 45 continues to be a matter of concern, as it has stalled some of the large projects. The GO seeks to provide for housing for weaker sections, as mandated by the Government, through the order. In the current form, builders are opposed to this move, the builders association felt.

The real estate developers have appealed to the State Government, requesting it to rework the order and make it more practical. Any delay in resolving this would hold back some of the projects on the verge of being launched, Mr Prem Kumar said.

Mr Patnaik felt that several projects are close to being announced by not only Ramky Estates, but also some other developers in Hyderabad and other major cities of the state including Visakhapatnam, which has seen good momentum lately, due to the announcement of infrastructure projects coming up.

Mr Prem Kumar, quoting recent property shows and the growing number of enquiries for new projects, says that the end-user is hunting for property once again and this will translate into good numbers.

Source: http://www.thehindubusinessline.com/features/investment-world/article2801364.ece

Mahindra arm plans Rs 250 crore project

Mahindra Lifespace Developers, the realty arm of the $14.4-billion Mahindra Group, is setting its foot in Hyderabad, its fifth market in the country, with a one-million square feet residential project involving an investment of Rs 250 crore.

“We are currently doing the site preparatory work. The project, on a 10-acre site at Kukatpally, will be launched in the next couple of months and will be delivered in three years from then,” Anita Arjundas, managing director and chief executive officer, told mediapersons.

Having completed close to 7-million sq ft of projects in the National Capital Region, Chennai, Mumbai and Pune, Mahindra Lifespace presently has 10 million sq ft of space which it calls Mahindra Lifespaces under various stages of development – some on the drawing board and some ready to be delivered – which will be completed in the next four years. Of the 10 million sq ft, the selling price for 3.5 million sq ft space would be Rs 4,700 per sq ft.

“We have land parcels in five cities and investments in them have already been done while we require Rs 2,000 crore for the construction,” she said, adding the company’s board had approved additional borrowing of up to Rs 500 crore via non-convertible debentures (NCDs) or term loans. “We, however, will look to raise Rs 250 crore via NCDs to part-fund our ongoing projects by the end of the present financial year.”

Stating that Hyderabad, Pune and Nagpur would be the next important markets for the company, she said they were exploring other long-term opportunities actively in the city.

Mahindra Lifespace, which caters to the middle and high-end housing segment with the selling price ranging from Rs 2,700 per sq ft to Rs 10,000 per sq ft, is drawing up plans to enter the affordable housing segment in tier-II cities in the price range of of Rs 5 lakh to Rs 15 lakh per unit.

“We are studying the market for the new category. We have a strong presence in Maharashtra, NCR and Tamil Nadu. Hyderabad is also one of the markets we are looking at for affordable housing. We have to see how the first project takes shape in a year from now, before moving to other regions,” she said, declining to comment further.

Mahindra Lifespace has delivered 1.4 million sq ft of space worth Rs 700 crore in sales last year. Its average EBIDTA (earnings before interest, taxes, depreciation and amortisation) margin presently stands at 32 per cent and net profit margins at 22 per cent.

Source: http://www.realtyplusmag.com/rpnewsletter/Fullstory_Newsletter.asp?news_id=18049&cat_id=1

Mantri Developers replaces Maytas in Jubilee Hills Landmark Project

Bangalore-based real estate firm Mantri Developers is replacing Maytas Properties, the Satyam group firm that was building Jubilee Hills Landmark along with ICICI Venture and Nagarjuna Constructions Company. The project was stalled after the founder of Maytas Properties and the erstwhile Satyam Computer Services, Ramalinga Raju, got embroiled in an accounting fraud. According to the new deal, Mantri will get 40 per cent of the revenues from the project, Economic Times reported, citing sources.

“The real estate company will need to deposit Rs 130 crore, which will be used for construction and will be adjustable against the revenue. The property has over Rs 150 crore of non-performing loan on it,” one of the sources said. Sushil Mantri, managing director of Mantri Developers, had earlier said that his company is looking at a possible tie-up for the property. “We have concluded the due diligence and may buy entire stake or become an additional partner to the project,” he had said, without sharing details of the deal. Nagarjuna Constructions Company refused to comment on the transaction. Mantri Developers said the legal process was still on.

Originally, Maytas, Nagarjuna Constructions and ICICI Venture held 33 per cent each in the special purpose vehicle that was developing the Jubilee Hills Landmark project. The three companies had bought the 5.7 acres of land for the project from the state government for Rs 335 crore in 2006, which is still the most expensive real estate deal in Hyderabad. “Originally scheduled to be completed by the end of 2008, there has been no progress. However with the new partnership, construction will now start in the next two-three months,” said a senior official from one of the partner companies, who also added that there might be a few changes in the project too. Mantri Developers has significant presence in Hyderabad and has over 8 million sq ft under various stages of construction across different residential, commercial and retail projects.

Source:http://www.realtyplusmag.com/rpnewsletter/Fullstory_Newsletter.asp?news_id=17827&cat_id=1