Leading real estate developer, Puravankara Projects announced on Thursday that the company has won the tender bid from APIIC (Andhra Pradesh Industrial Infrastructure Corporation) for development of a massive project at the prestigious Hi-Tech city, Hyderabad, involving an investment of over Rs 35 billion.
The company`s bid for the land deal was for Rs 6.30 billion.
The company`s Hi-Tech city project will be a development of approx. 6.5 million sq ft area. As the acquired land is in a prime, lucrative and high-rise zone with unlimited FSI, the company will use the land for mixed development of high end ultra luxury retail, residential, commercial and hospitality complexes.
APIIC floated the tender for the project with a reserve price or Rs 200 million per acre and received three bids including DLF and BPTP.
High-Tech City is the new IT destination for many in the world and the area has developed rapidly with world class infrastructure facilities.
Shares of the company declined Rs 3.2, or 0.81%, to settle at Rs 391.8. The total volume of shares traded was 74,430 at the BSE. (Thursday)
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