Hyderabad-based real estate developer Navanaami Projects Private Limited has secured a funding of Rs 250 crore from the Union Bank of India for its housing project, company executives said.
They added that the realty firm aims to utilise the funds for the development of 150 luxury residences in Hyderabad having a sales potential of over Rs 1,200 crore.
Naveen Gadde, Founder and Managing Director, Navanaami, said that the new luxury housing project ‘Megaleio’, spread across 4.1 acres of land at Appa Junction Peerancheru in Hyderabad, is located in proximity with the airport and the financial district.
“Megalieo will be our flagship luxury housing project. The tentative investment in the project is likely to be around Rs 800 crore to Rs 900 crore, including the land cost. We have secured a funding of Rs 250 crore for the project from the Union Bank of India. The remaining investment will be met through internal accruals. The total sales potential of the project is tentatively around Rs 1,200 crore,” Gadde said.
He said that the project will have two towers of 50 floors each and will offer 150 luxury apartments. The project will be delivered in four years from now and the ticket of flats start from Rs 8 crore depending on the size, floor and location of the project, Gadde said.
He said that Megaleio represents a convergence of design, sustainability, and luxury and hence the 150 apartments have been divided in three unit sizes -- Skyline tower units with an area of 11,111 square foot and Unity tower units with an area of 9999 sqft and 8888 sqft.
He said that ultra-high-networth individuals (UHNIs), HNIs, and NRIs are to be the main customer base of the luxury project.
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The real estate developer is also planning to venture into the micro-markets of tier 2 cities such as Indore, Raipur and Bhubaneswar. Navanaami group has developed 14 projects in Hyderabad and Bengaluru since 2005.
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