The real estate venture, Aurobindo Realty & Infrastructure of Aurobindo Pharma, has announced plans to build 14 million sq ft of commercial, retail, residential and hospitality projects involving ₹3,000 crore investment. The founder’s family members Penaka Suneela Rani and Rohit Reddy Penaka said that the company has already made a quiet debut in the real estate market with three commercial projects coming up in the vicinity of the IKEA store in the IT hub of Madhapur in Telangana. They have appointed former L& T hand Ravindra Kumar VJ as CEO. The company will also develope a 1 million sq ft mall in Madhapur, and has already been leased out to Abu Dhabi-based Lulu Group. Aurobindo Realty, which was incorporated in 2016, has set up its own precast plant off the Medak-Narsapur road at an investment of ₹100 crore, and has a capacity to make 2.5 million sq ft of slabs per annum, including columns, beams, walls and staircases. According to the CEO, the company has already invested about ₹700 crore in acquiring land from Telangana State Industrial Infrastructure Corporation (TSIIC) through auctions and hopes to complete its first project – Galaxy Towers – by the middle of 2020, while the Orbit and Lulu Mall projects are likely to be completed by May 2021 and work will start shortly after RERA and GHMC approvals are in place.
📅Published on:
21 June 2019
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