Hyderabad: Sumadhura Infracon Private Limited, a Bengaluru-based real estate developer, launched Sumadhura Acropolis, its first project in Hyderabad on Friday. Coming up on over four-acre in the Gachibowli-Nanakramguda area, Acropolis will offer a total saleable area of more than one million sft.
“Of the total project cost of Rs 300 crore, Rs 100 crore will be infused by the promoters, while an equal amount will be raised through debt. The remaining is being garnered through sale of flats,” G Madhusudhan, Chairman and Managing Director of Sumadhura Infracon, told The Hans India.
Acropolis, which is expected to be completed by July 2019, will have three basement parking floors and ground+31 residential floors comprising 564 flats with the prices ranging from 1,245 sqft to 2,615 sqft. Around 80 per cent of the project area will be open space.
According to Madhusudhan, the Sumadhura Group had so far delivered 50 residential and commercial projects in Bengaluru and Hyderabad. While construction on more than four million sqft is currently underway, four million sqft is in the planning stage, he added.
The company is expecting revenues of Rs 350 crore this financial year, as compared with Rs 245 crore last fiscal. “Residential and commercial real estate activity is seeing buoyancy in the Hyderabad market, with political stability and the government’s proactive policies driving the positive sentiment,” he said.
“Our idea is to consolidate our presence in the Hyderabad market. Towards this, we are evaluating two more project proposals, which are currently in the discussion phase,” Madhusudhan said, adding that the company would consider entering the Tier-II cities in Telangana in two to three years down the line.