Leading infrastructure development company Phoenix Group has announced plans to invest Rs 2,000 crore in various upscale residential projects, including Rs 350 crore in Golf Edge, a mixed use project launched in Hyderabad, which will have a five-star hotel and high-end residential apartments. Further, Phoenix Group is looking to launch similar projects in tier I, II and III cities in Andhra Pradesh, Tamil Nadu and Karnataka over the next five years, the company said in a statement. “Given our confidence in its long-term economic development Phoenix is continuing to invest in the southern Indian region. With projects close to Rs 10,000 crore in the pipeline, the Phoenix has seen consistent business growth in the past nine years having developed more than 2.5 million sq ft area of upscale real estate properties. We hope to continue our growth by introducing iconic infra properties in the South Indian market to cater to the growing needs of the value for money Indian consumers,” Suresh Chukkapalli, chairman, Phoenix Group, said.
Gopikrishna Patibanda, managing director of Phoenix Group, added. “We are bullish about residential property development market in Hyderabad as we see the potential for outperformance in the real estate market. This is well illustrated in the Group successful investments in the past. In 2005, Phoenix sold its premium luxury apartments at the highest cost per SFT in the history of Hyderabad city’s apartments of Rs 10,000 per sq ft.”
“We’ve always had strong interest from clients around the world to invest in Phoenix projects and already 25 per cent of Golf Edge property has been sold in less than 7 months,” said Patibanda. “The key to our success is to find a model that connects with consumer’s desire and to integrate them. Golf Edge concept offers great growth opportunity for us because this format allow us to tap new set of highly demanding and value for money buyers who do not find premium, integrated, affordable home backed with comfort features to invest. They also look to associate with a developer who promises partnership with owners forever.”
Speaking about the market sentiments and the challenges faced by uncertainty in the marketplace due to political issues in Hyderabad Chukkapalli said, we are not a speculative player we are creating what is required for the market and we are not looking for an exit option. “We are a long term player and we believe in long term customer relationships which is our pillar of success.”
Golf Edge will have 497 apartments of two-bed room, 3-bedroom, duplex ranging from 1,055 sq ft to 3,595 sq ft in high-rise twin towers priced at Rs 60 lakh-Rs 2 crore, working out to Rs 6,000 a sq ft of built-up space. All the apartments come fully furnished and the customers would be provided services support at Rs 4 per sq ft. The hospitality partner will take care of maintenance aspect too, the statement added.
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