HYDERABAD: Post-COVID, the real estate market in Hyderabad has received another boost in the form of one of the largest real estate developers in South India, Alliance Group, revealing plans to invest Rs 2,690 crore in residential projects in the city.
The Alliance Group has lined up a series of new launches of over 25 million sq ft of residential projects for the financial year 2022-23. This includes 7.5 million residential space in Hyderabad with an investment of Rs 2,690 crore.
The group plans to launch 10 million sq ft. of projects worth Rs 3,575 crore in Bengaluru and 7.5 million sq ft worth Rs 2,350 crore in Chennai. All of these are planned during the financial year 2022-23.
At present, Urbanrise, a part of Alliance Group, has developed Manhattan Condos for the first time in Hyderabad. With its flagship project at Ameenpur near Miyapur, Urbanrise has begun its journey in Hyderabad. These homes are designed with zero wastage of space along with premium quality internal and external finishes.
Urbanrise also has projects like On Cloud 33 and The Happening Heights in Bachupally. With regards to the sales in Hyderabad, the company has sold a total of 1,831 homes which have a space of 2.29 million sq.ft. in the previous financial year.
Meanwhile, Alliance Group and Urbanrise announced that the company has clocked sales worth Rs 2,290 crore during the FY 2021-22. The company has sold 3,686 homes during the year.
Alliance Group and Urbanrise MD Manoj Namburu said, "Financial discipline is our organisation's DNA and this is the strength we use to leverage large scale investments into real estate across South India and it is attracting the world’s best financial institutions to invest in our organisation including the worlds' largest Sovereign fund ADIA, Kotak Realty Fund and many more marquee investment firms."
Vice-chairman Suneel Bommireddy said that they will continue their efforts in building quality homes and set new benchmarks in the real estate industry. "We are confident that this year again will be a record year, and we will soon become the largest housing developer in India," he said.