Hyderabad-Based Real Estate Developer Get Funding of Rs 250 Crore From Union Bank of India

Hyderabad-based real estate developer Navanaami Projects Private Limited has secured funding of Rs 250 crore from the Union Bank of India for its housing project confirmed sources, a big boost for Hyderabad real estate sector. The officials from the real estate company said that the realty firm aims to utilise the funds for the development of 150 luxury residences in Hyderabad having a sales potential of over Rs 1,200 crore.

Naveen Gadde, Founder and Managing Director, Navanaami, said to the media that the new luxury housing project ‘Megaleio,’ will spread across 4.1 acres of land at Appa Junction Peerancheru in Hyderabad, located in proximity to the airport and at the heart of the financial district.

He further asserted that Megalieo will be their flagship luxury housing project. The tentative investment in the project is likely to be around Rs 800 crore to Rs 900 crore, including the land cost. Till now they have secured funding of Rs 250 crore for the project from the Union Bank of India. They are hopeful that the remaining investment will be met through internal accruals. The total sales potential of the project is tentatively around Rs 1,200 crore.

Commenting on the project he said that the project will have two towers of 50 floors each and will offer 150 luxury apartments. The project will be delivered in four years from now and the ticket of flats start from Rs 8 crore depending on the size, floor and location of the project, Gadde said.

He said that Megaleio represents a convergence of design, sustainability, and luxury and hence the 150 apartments have been divided into three unit sizes -- Skyline tower units with an area of 11,111 square feet and Unity tower units with an area of 9999 sqft and 8888 sqft.

He said that ultra-high-networth individuals (UHNIs), HNIs, and NRIs are to be the main customer base of the luxury project.