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Our Bureau

Hyderabad , Nov. 23

Janapriya Engineers Syndicate, a Hyderabad-based residential real estate company, is planning to set up an IT Park at Hyderguda on the outskirts of the city.

The 32-acre park would provide 10-lakh sq ft of developed space for information technology companies. "We are going to spend Rs 75 crore on this project. We see a huge potential for the park adjoining the upcoming elevated transport corridor," said Mr K. Ravinder Reddy, Chairman and Managing Director.

The company had already built a facility for IT companies in Somajiguda.

"We have no plans to sell the space in the new park. We will lease it out as we do in the existing facility," he said.

EXPANSION PLANS

Addressing a press conference here on Thursday, he said the company, which developed a number of projects in Hyderabad and Bangalore, was now looking at Chennai, Pune and Mumbai.

Besides, it would look at opportunities in district headquarters close to the State capital.

"It has become increasingly difficult for the middle class to afford a flat because of the sudden spurt in real estate prices. Developing projects at places like Nalgonda, Mahboobnagar and Warangal would be handy for such people," he said.

The company, which clocked a turnover of Rs 75 crore last year, hoped to cross the Rs 100-crore mark this financial year. "We have lined up a number of projects in the next two years worth nearly Rs 1,000 crore," he said.

Stating that the company had secured a solid land bank of nearly 150 acres in Hyderabad and Bangalore, he said the company might consider floating a public issue at a later date.

The company has built 21,000 houses so far.

More Stories on : Infrastructure | Andhra Pradesh

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