Buoyant About Real Estate Rising To Level It Was 2yrs Back: MSN Reddy

Hyderabad:In anticipation of an upswing in the real estate market over the next six months to one year period, city-based MSN Group has ventured into the real estate sector with MSN Realty, and the launch of flagship project, One by MSN, a luxury residential project, with a total investment of Rs3,000 crore and sale potential of about Rs 7,000 crore.

The development, spread across 7.7 acres, will include five towers, 55 floors in each tower, two units in each floor, with each unit ranging between 5,250 sft – 7,460 sft, and the total height of each tower rising to nearly 228 metres. The developer has quoted a base price of Rs11,000 per sft, which will come upto a total price of Rs7 crore – Rs12 crore. The project, funded by ICICI bank, is expected to be completed by 2030. The model apartment is set to be ready by November.

Commenting on the unsteady real estate market in Hyderabad, Dr MSN Reddy, Founder and Chairman & Managing Director, MSN Group, told Bizz Buzz: “Maybe luxury residential property sales have dropped higher in percentage, but overall real estate market demand itself has flattened in the city. We are anticipating some improvement in the coming months. Probably in the next six months or one year there will be some changes and the demand for real estate will again rise up to the level it was two years back. Hence, we have decided to go ahead with the construction and wait for the right buyers to express interest and invest.”

MSN Realty has about 200 acres in their land bank, of which the lined-up developments include two projects planned to come up in Neopolis, one project in Isnapur, and one in Mucherla. The designing for the second project in Neopolis, Kokapet is underway. This luxury aparment project will have each units ranging between 2,500 sft - 4,500 sft in five towers, spread across seven acres of land. The second project will also be constructed with similar investment of about Rs 3,000 crore. It will be launched after 18 months.

On a query about building high-rise apartments under speculations that the State government will scrap the unlimited FSI Policy, Dr Reddy said, “At least at this moment there is no restriction and the government has not scrapped the policy, based on that we have planned to go ahead with our project.”

He further informed that majority of the projects will come up in West Hyderabad while few are set to be launched in South, near the international airport. The type of projects will range from luxury to villas to affordable apartments. Depending upon the market demand, likely after two years, MSN Realty will mull on entering the commercial real estate sector too, he added.