Janapriya to build affordable homes

Hyderabad: Janapriya Engineers Syndicate and Sun-Apollo, a private equity firm, have formed a special purpose vehicle to develop a satellite township with a focus on affordable housing.

Janapriya Nile Valley, the SPV located on a 44 acre site, will see investment of Rs 400 crore in the phase one. Of the Rs 160 crore raised, Rs 120 crore has come through the PE firm and Rs 40 crore from Janapriya.

Addressing a press conference, the Chairman and Managing Director of Janapriya Engineers Syndicate, Mr K. Ravinder Reddy, said the investment in the SPV by Sun Group and Apollo Real Estate Advisors will enable us to create affordable houses.

Located at Madinaguda close to National Highway 9, Nile Valley project features modern clubhouse, gymnasium, indoor gaming arcade, outdoor play areas and provision for primary healthcare centre.

When the project is under implementation, buyers will have the flexibility of interest-free home loans.

Of the 44 acres, the phase one entails development of 14 lakh square feet of built-up space in about 13.5 acres.

The project will have 1260 apartments of 2-3 bedrooms ranging from 940 sq.ft to 1,500 sq.ft and priced at Rs 2,350 per sq.ft.

Mr Reddy said that most of the apartments come under priority lending loans of less than Rs 20 lakh for the public sector banks.

The price of apartments has been brought down by about 20 per cent compared to properties in the vicinity of Nile Valley.