Reliance to invest Rs. 170 cr. in two realty projects in city

Hyderabad-based Reliance Developers, a real estate arm of Reliance Group, has announced two projects in the city ahead of the proposed construction of capital city of Amaravati. The company is planning to invest Rs. 170 crore on these projects-- a commercial and a residential complex in Vijayawada.

At a media conference here on Friday, Reliance Developers partner S. Rajesh Kiran said that the project would come up in 1.25 acre of land. A commercial space of 50,000 sq.ft and residential space of 1 lakh sq.ft would be developed. About 50 flats would be constructed in a residential tower named Krishna's Grandeur. The project is estimated to cost Rs. 70 crore, he said.

The commercial towers would have retail space in ground and first floor to accommodate branded show rooms and food courts, upper floors are planned for corporate offices with best in class facilities.

The residential tower will be built with no common walls, with the best amenities like club house, swimming pool, he said, adding, “It is the first project in the city with eight storey building on airport road.”

Another project, purely residential, would be developed at Currency Nagar in more than 1 acre land. The company was planning high-end flats at residential complex. Each flat will have a space of 3,000 sq .ft and 64 flats were planned. The project is estimated to cost Rs.100 crore, he said.

The ground breaking ceremony would be performed on December 5.

Deputy Home Minister Nimmakayala Chinnarajappa and others will take part in the ceremony.

A commercial space of 50,000 sft and residential space of 1 lakh sft will be developed