IVR Prime to develop residential apartments

Hyderabad: IVR Prime Urban Developers Ltd has entered into a joint development agreement for construction of high rise residential apartments.

The 9.6-acre gated community project at Kukatpally, comprises a built-up area of 1.325 million sq ft and a parking area for 1,200 cars. The Rs 386-crore project consists of two-bedroom apartments of 1,250 sq ft, three-bedroom apartments of 1,500 sq ft and four-bedroom apartments of 1,800 sq ft each.

The project is designed to meet the growing residential property demand from India’s emerging middle classes in the key Cyberabad growth corridor, according to a company press release.

The Hyderabad-based company is also set to foray into Visakhapatnam with its real estate development at Vedurvada, located near the Visakhapatnam Steel Plant. The project is named Misty Woods and is spread over 130 acres.

The Rs 300-crore project comprise 1,500 affordable independent homes. The total built-up area of the venture is around 1.22 million sq ft.

The company’s ongoing projects include the Thyme Park project in Bangalore, spread over 8 acres, which is being built at a cost of Rs 110 crore.