Sumadhura Group lines up Rs 1,500 crore projects in Hyderabad
Joins Vasavi Group to launch Rs 1,000-crore project “The Olympus”, Greater Hyderabad’s tallest residential project with 44-storey towers
Hyderabad: Sumadhura Group, a real estate company with a significant asset base in Hyderabad and Bengaluru, is planning to invest Rs 1,500 crore in Hyderabad in the next 3-4 years. The company is currently taking up three residential projects in the city.
With the growth potential Hyderabad real estate market is showing, the Group is keen to explore opportunities in the office and commercial space development as well as mixed use development projects in the short-term.
Sumadhura Group chairman Madhusudhan G told Telangana Today, “We have so far executed 11 projects in Hyderabad. We have three projects under execution, including The Olympus (where we are investing Rs 500 crore). We have two upcoming residential projects one each in Kondapur and near airport road, creating 1,200 units with an investment of Rs 1,000 crore. We will cumulatively invest about Rs 1,500 crore in Hyderabad in the next 3-4 years. In addition to residential, we may start looking at office and commercial space development, the way we have done in Bengaluru, where we are developing a 1.4 million sq ft technology park, warehousing, and coliving projects.”
He added, “Despite Covid challenges, Sumadhura has seen a surge in sales volumes across its projects and we are poised for rapid growth in the next 4-5 years. We want to understand each micro-market and expand our presence. We are aggressively drawing out plans for affordable housing in our core southern markets between Rs 25 lakh and Rs 45 lakh price range.”
The Olympus
Sumadhura has collaborated with Vasavi Group to launch a 44-storey residential project in Gachibowli/Nanakramguda, under a dedicated special purpose vehicle company Sumadhura Vasavi Infrastructure LLP. Spread across 5.06 acres in Financial District, adjacent to Waverock IT SEZ, the project offers a total saleable area of approximately 2 million sq ft. Allotments will start from Friday onwards.
The tallest luxury residential tower of Greater Hyderabad will offer 854 luxury units with an option of 3 BHK and 3.5 BHK apartments ranging from 1,670 sq ft to 3,000 sq ft, at a price of Rs 7,499 per sq ft. The Olympus will have a 50,000 sq ft club house called the “Zeus” club that houses co-working spaces, café & library, swimming pool, guest suites, BBQ terrace, sports bar, gym, badminton court, squash court, indoor games, spa and saloon among other amenities.
Madhusudhan said, “The project will cost Rs 1,000 crore, and both Sumadhura and Vasavi will invest equally (Rs 500 crore each). We are planning to implement the entire project through internal accruals and if necessary we may opt for construction financing route. We have already invested Rs 150 crore into this project so far.”
He further added, “Through this collaboration, we are bringing together the strengths of Vasavi’s land acquisition capabilities and Sumadhura’s project execution capabilities.
