Puravankara to invest Rs. 170 cr in office complex in Hyderabad.

Realty firm Puravankara Projects Ltd. will invest about Rs. 170 crore over the next two years to develop an office complex in Hyderabad.

Bangalore-based firm has entered into a joint development agreement with land owner to develop this 4-acre commercial project, that comprises 6 lakh sq ft of built-up area.

'Buoyed by the successful sale of its commercial projects in Chennai and Bangalore, Puravankara is now launching Purva Summit, its Grade A Office Space in Hi-Tech City (Kondapur), in Hyderabad,' Puravankara Projects said in a statement.

In this project, Puravankara will sell as well as lease the office spaces.

Under the sale model, the company has kept the starting price at about Rs. 25 lakh for a 300 sq ft office space, enabling the retail customers to participate and invest in the commercial property market. It would lease the office spaces to large corporate tenants on behalf of the retail customers.

In the first phase, Puravankara has got the Expressions of Interest (EOI) from potential buyers for double the area that it intends to sell.

'The Real Estate sector in Hyderabad seems to have stabilised and we are likely to see an upsurge in transactions as well as commercial activity going forward. The low vacancy levels in Grade A office Space makes Hyderabad an attractive destination for investments into commercial properties,' company's joint MD Ashish Puravankara said.


ET