Puravankara to invest 170 cr in Hyderabad

Realty firm Puravankara Projects Ltd will invest about Rs170 crore over the next two years to develop an office complex in Hyderabad.

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Bangalore-based firm has entered into a joint development agreement with land owner to develop this 4-acre commercial project, that comprises 6 lakh sq ft of built-up area.

“Buoyed by the successful sale of its commercial projects in Chennai and Bangalore, Puravankara is now launching Purva Summit, its Grade A Office Space in Hi-Tech City (Kondapur), in Hyderabad,” Puravankara Projects said in a statement.

In this project, Puravankara will sell as well as lease the office spaces.

Under the sale model, the company has kept the starting price at about Rs25 lakh for a 300 sq ft office space, enabling the retail customers to participate and invest in the commercial property market. It would lease the office spaces to large corporate tenants on behalf of the retail customers.

According to sources, the total investment on construction of this project would be Rs170 crore over the next two years and the same would be funded through internal accruals and sales realisation.