Aurobindo Realty, the realty arm of India’s leading pharma company, Aurobindo Pharma Ltd, has recently announced its entry into the real estate market of Hyderabad with an investment plan of Rs 3000 crores. The group has announced to develop projects in various categories like commercial, retail, residential and hospitality covering around 14 million sq ft of space.
The above investment will be made in the next three to five years through their real estate firm Aurobindo Realty & Infrastructure Pvt Ltd. The group has already announced its commercial project which will be located nearby IKEA store in Madhapur.
As per the company’s website, the two commercial projects will be developed in Raidurg, Hyderabad with the name Galaxy and Orbit. While Galaxy will be a 25 storied building with a floor plate of 80,000 sq ft and spread over 1.9 million sq ft, Orbit is a futuristic commercial tower with 50,000 sq ft floor plate and spread over 1.1 million sq ft. Both the buildings are Pre-Certified LEED v4 Gold Rating towers and will be India’s tallest Precast office building once commissioned.
The retail project with the name ‘LULU Mall’ will be located in the IT hub of the Hyderabad i.e. HITEC City. Touted as one of the largest malls in Hyderabad, it will be comprised of biggest Hypermarket along with a 15 screen multiplex. The project has already been leased out to Abu Dhabi-based Lulu Group.
Elaborating more on the above projects, Ravindra Kumar VJ, Group CEO said, “In the commercial sector, we are aiming to complete our first project Galaxy Towers by May 2020. Whereas Orbit and retail project Lulu Mall projects are likely to be completed by May 2021.”
The group has not disclosed any details of the residential and hospitality project on their website. On this, the group CEO informed that at present we are in the process of taking the RERA and GHMC approvals. Once they will be done, we will be launching two residential projects in the IT corridor of the city.
He also informed that investment in all these projects will be made through debt and equity.