HYDERABAD: GM Infra Ventures, a new entrant in Hyderabad, a joint venture between Manjeera Constructions Ltd and Gowra group, on Wednesday announced the launch of “The Platina” a Rs 150 crore premium commercial building in Gachibowli.
“The venture, over an area of four acres, will have four lakh sq.ft of commercial space and another 1.5 lakh sq.ft adjacent to the project allocated to a hotel to be developed in the second stage, said G. Yoganand, Chairman and Managing Director, Manjeera Group.
Reacting to queries on the sources of funding the venture, Mr Yoganand said, Rs 50 crore will be sought through advances from customers, Rs 50 crore by raising debt and Rs 50 crore by way of equity.
The commercial project would have office spaces ranging from 1,440 sq.ft to 40,000 sq.ft with parking facilities at four `levels in the basement with provision for two levels of mechanical parking.
“The 12-floor office building will be double-glazed and constructed over an area of 2.5 acres of the four acre space available. The building will be eco-friendly. We hope to find takers for the office spaces quickly as there has been a revival of IT in Hyderabad despite disturbances. The project will be completed in two years,” Mr Yoganand said.
The Platina would be constructed adopting environment friendly practices like conservation of natural resources, optimizing energy efficiency, reduced water consumption and better waste management, said Aditya Gowra, Director, Gowra Ventures.
“GM Infra Ventures is one of the premium offerings from the group and we are sure that our clientele from across industries IT, telecom, financial services and other businesses will find our offering most suitable for their requirements at Rs 4,500 per sq.ft,” Mr Gowra said.
The joint venture would have 26 per cent stake as private equity capital from Milestone Capital and funded by the Bank of Baroda, according to Mr Gowra.
Source:Andhra Business Bureau