Phoenix kicks off Rs.2,000 crore infrastructure projects in South India

 | June 13,2011 06:41 pm IST

Phoenix Group, a leading infrastructure development conglomerate, Monday announced that it has kicked off Rs.2,000 crore-worth projects in Andhra Pradesh and Tamil Nadu.

 

The Hyderabad-based group launched the Rs.350 crore Golf Edge in Gacchibowli, the information technology cluster, in the city. The high-end residential project comprises 30-storey twin residential towers covering one million sq. ft. and loaded with comfort features.

 

Golf Edge will have a golf view and will be a fully furnished, completely automated residential complex built alongside a 210-room five star hotel managed by Duet group.

 

Gopikrishna Patibandaa, MD of Phoenix Group, told reporters that residents of Golf Edge will also have a dedicated 24x7 apartment facility, property management services and a first time residential club house managed by Duet Group.

 

The units, costing from Rs.60 lakh to Rs.2 crore, are expected to be handed over to home owners by 2014 in three phases.

 

He said there was a huge potential for such a high-end residential project as 250,000 employees work in the IT firms in the vicinity.

 

The group plans commercial, residential, retail and hospitality projects in Hyderabad, including nine hotels and five to six residential townships, each township with an investment of Rs.300-400 crore.

 

Two of the nine hotels will be five-star and will come up in Jubilee Hills and Financial District.

 

International private equity partners will invest Rs.580 crore in the projects, which will be taken up with 60 percent debt and 40 percent equity.

 

Phoenix, which executed more than 2.5 million sq. ft. of infrastructure projects during the last nine years, plans to develop 30 million sq. ft. with an investment of Rs.25,000 crore in the next five years.

 

The group, which also has interests in mining, plans to set up projects for cement and power production to meet its input requirements for developing various projects.

 

Concluded.

 

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