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Thursday, June 5, 2008

Hyderabad gets Rs 20cr luxury homes

The prices of high-end villas and apartments in the city remain high despite the supposed slowdown in the realty sector. Villas at the 531-acre Boulder Hills Golf and Country Club built by Emaar MFG Land Ltd are being sold at prices ranging from Rs 8 crore to Rs 20 crore. This makes them the costliest villas in the city. The Rs 5,610-crore project has 100 such villas, all of which have been booked by prospective buyers.

Apart from villas, Boulder Hills will have 703 residential units, whose price per square feet ranges from Rs 5,500 to Rs 9,000. The project will also have an IT Special Economic Zone and retail space spread over 3 million square feet each. Emaar MGF chief executive, Mr William Robert Rattazzi, feels that real estate projects, which have value-addition, will not be affected by the market corrections.

Designed by a California-based firm, the Emaar villas are constructed in Spanish, Italian, and Moroccan architectural styles and are furnished with items procured from around the world. Lanco Hills, another premium real estate project in the city, has also not been affected by the recent glut. The costliest apartment on the 34th floor in Lanco Hills would cost Rs 2.1 crore. “Since ours is not an ordinary real estate project, we never had any problems in terms of sales,” said a top official of the Lanco Group.

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