Sumadhura to launch 6 mn sq ft in 3-4 qtrs with Rs. 2,000 cr
In collaboration with Vasavi Group, it begins construction of – The Olympus – a 44 storey residential project in Gachibowli on Friday with an investment of Rs. 1,000 cr
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Hyderabad: Prominent residential and commercial space developer Sumadhura Group has so far delivered 8 million sq ft in Hyderabad and Bengaluru while another 7 million sq ft is under construction and 5 million sq ft under planning stages of construction in both the cities. It is slated to launch additional 6 million sft, including 3 million sq ft in Hyderabad, with an investment of Rs 2,000 crore in next 3-4 quarters.
The company has collaborated with Vasavi Group to form an SPV – Sumadhura Vasavi Infrastructure Llp. The consortium will invest Rs 1,000 crore in their new project - The Olympus, a spacious 44 storey residential building in Gachibowli, near Waverock SEZ. "Majority of the funding is from internal accruals and advances from the customers," said Madhusudhan G, Chairman, Sumadhura Group.
He said, "This project is specially designed to cater to the needs of accomplished individuals and families that are seeking to maintain work-life balance. While being in the financial district of Hyderabad, the project will offer space and amenities needed to relax and rejuvenate. It is in close proximity to some of the leading MNC's, hospitals, schools, sporting facilities and other required social infrastructure."
Madhusudhan said, "Apart from this, the company is coming up with two more projects -one in southern part, and another in Western part of the city. These two projects will be launched in next six month period. Sumadhura Group is capable to timely execute luxurious and affordable housing projects, while our partner Vasavi Group has expertise in acquisition of land."
The construction of this project will commence on Friday. Spread across 5.06 acres, it offers a total saleable area of approximately 2 million sq ft. On completion, it will be one of the tallest residential towers of Greater Hyderabad to house 854 families with an option of 3 BHK and 3.5 BHK apartments ranging from 1,670 sq ft to 3,000 sq ft.
The property has been thoughtfully planned to offer a holistic lifestyle to its residents with modern amenities including a 50,000-sq ft club house called - Zeus Club that houses co-working spaces, library, swimming pool, guest suites, BBQ terrace, sports bar, gym, badminton court, squash court, indoor games, spa and saloon. The project also comes with centralised AC.
