Anvita Group launches Rs 2,000-cr mega residential realty project
image for illustrative purpose
Hyderabad: Anvita Group, which is into the realty sector, announced on Thursday that it took up a mega residential real estate project, Ivana, with Rs2,000 crore at Kollur near Hyderabad.
Spread over 12.9 acres, the premium gated community project, which will be executed in two phases, comprises a total of 1,850 flats. The first phase, which will come up in 3.5 acres, features two towers of 15 floors each and will have 450 units in total. The realty major is gearing up to hand over the units in the first phase by December 2024.
“In the second phase, four massive towers of 36 floors each will come up in 9.25 acres. We will hand over all 1,400 units of the 2nd phase to customers in 2027. As the initial offer, we are selling units at just Rs6,500 per square feet,” Atchuta Rao Boppana, Chairman and Managing Director, Anvita Group, told the media here.
According to him, the first phase development is expected to cost Rs 380 crore and the outlay for the second phase is over Rs1,600 crore. The company is constructing two and three-bedroom apartments with sizes ranging from 1,360 sft to 2,580 sft from first floor to 34th floor. On 35-36 floors, there will be luxury four-bedroom sky villas of 2,900-5,070 sft. Car parking space will be allotted at the beginning itself.
“Ivana will have an area of 8 lakh square feet in the first phase and 28 lakh sft in the second phase,” said Anup Boppana, the company’s Director. Atchuta Rao said that the Ivana project will have space for all income groups. “I am also from a middle class background.
My family initially lived in rented houses. I built my company brick by brick in the last three decades. We are developing our projects and offering a host of amenities keeping aspirations and tastes of customers in mind,” he said.
A civil engineer hailing from Pedapalaparru near Gudivada in Andhra Pradesh, Atchuta Rao Boppana worked in infrastructure major L&T and also in Dubai for some time before venturing into business in Dubai in 2004.
