SMR’s Flagship Gated Community Project Getting Ready in Hyderabad

SMR Vinay Fountain Head, the flagship gated community of real estate developers SMR Group, would be ready by February next year. SMR would give possession of the dwelling units then. In all, it has about 975 units in 10-acre project coming up at Hydernagar, near the Miyapur to Ga-chibowli road in Hyderabad. The project is situated near the IT hub of Hyderabad. According to SMR chairman and managing director, S Ram Reddy, who is also the chief architect of the project, the Fountain Head focused on the layout to ensure that it would not be ‘crowded’. It would have four towers, each 19 floors and a lot of landscaping. 

The project is a combination of two BHK averaging 1,200 sq ft and three BHK measuring around 1,800 sq ft. The company claimed it has sold about 50 per cent of the units at an average price of Rs 2,900 per sq ft. The project cost is estimated to be Rs 350 crore, of which Rs 75 crore came from promoters, Rs 70 crore as loans from financial institutions and about Rs 150 crore from the owners- to-be.

“The total area of construction is about 20 per cent. We have left the remaining open. The structure is designed to withstand seismic loads,” he said. Based on customer feedback, it designed the living room for multiple uses. The units would have sit-outs offering a view of the surroundings, said Reddy, adding that the project has a 50 ft setback including 30 ft road and 20 ft greenery. About 75,000 sq ft has been earmarked for various amenities. For health freaks, Fountain Head would have a jogging track and separate gyms for men and women.

The terrace garden turns into a venue for get-togethers and celebrations with music. And for the pumped up ones, there is a dance floor, too. For leisure, swimming pool, reading room, coffee shop and tennis court are lined up. The gated community, where the apartments would not have common walls, would also provide wi-fi connectivity, a three-level parking including for guests, children play area, an amphitheatre and multiple banquet halls.
 

SMR has other residential projects — such as Sky City with 120 apartments in 13 floors at Uppal and Symphony with 190 units at Gachibowli — which are already partly occupied.

Greens cry foul over ICICI-led realty venture

HYDERABAD: The ICICI Venture-led mega realty project slated to kick start in the city later this year, after a five-year-long gap, could well run into trouble again. Reason? City activists have shot a letter to the ministry of environment and forests (MoEF) stating that the project is in clear violation of norms laid down by the Union ministry.

The letter sent a few weeks ago indicates that the proposed project, abutting the KBR National Park, falls under the `eco sensitive zone' of the national park, which is a `prohibited' area as per MoEF guidelines issued in February 2011.

It may be recalled that a consortium comprising ICICI Venture, Maytas and Nagarjuna Constructions had bought this piece of land, measuring 5.7 acres, way back in 2006 with the proposal to construct Hyderabad's biggest hotel-cum-residential-cum-commercial venture. The project, however, failed to take off due to various reasons. After being kept on hold for over five years, sources in the knowhow revealed that the owners of the multi-crore property were finally looking at resuming work this year.

"But if this project comes up it will adversely impact the flora and fauna of KBR Park, which plays a critical role in maintaining the ecological balance of Hyderabad's urban area," states Capt J Rama Rao, environmentalist, in his letter to the MoEF. The letter further highlighted how the project is located "well within the eco-sensitive zone of the National Park. (within 10 kms from the core park area) that acts as `shock absorber' and `transition zone' for the protected area".

Interestingly, Rama Rao had raised his voice against the project when it was first launched in 2006. In his letter to the MoEF sent in early 2007 he had pointed out how the developers had started work on it (heavy excavation activity) without getting an environmental clearance from the central authorities.

"The project proposal was received by MoEF only in May 2007 whereas digging work had already begun at the site soon after the land acquisition in 2006," Rama Rao said referring to his pervious letter that was sent with supporting photographs. In fact, city environmentalists say that Rama Rao's letter played a vital role in stalling the project at that time even as those part of the venture deny MoEF's intervention.

Apart from tampering with environmental norms, the project might also flout heritage regulations, Rao's recent letter to MoEF states. "It falls within the heritage precinct no. 13, as notified by the Hyderabad Metropolitan Development Authority (HMDA) in 2000. So, no construction work (right from the checkpost to lake Taj Banjara, via road no 12 and 2 of Jubilee Hills) can take place in this area as per the norms," the environmentalist said. Elaborating further on the HMDA ruling, he said the skyline of the precinct "shall be maintained as may be existing in the surrounding area, so as not to diminish or destroy the value and beauty of the said precinct".

Phoenix Group Plans to Invest Rs 2000cr in Upscale Residential Projects

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.