Ashoka Developers & Builders Ltd, jointly with Cybercity Builders & Developers, is developing an integrated township project, Rainbow Vistas, on 15 acres near Hitech multimodal metro transit system between Madhapur and Kukatpally stations in Andhra Pradesh.
The project will come up on two-and-a-half million sq. ft, comprising 1,500 apartments of 2 & 3 BHK of four blocks in a phased manner. Phase-I is expected to complete in two years from the date of construction, phase-II in two-and-a-half years, and phase-III in three-and-a-half years. "Work will start from April this year," said P. Koteswara Rao, Chief Administration Officer (marketing), Ashoka Developers.
The project, estimated to cost between Rs 550-600 crore, will be developed through internal accruals and bank loans. The township will have amenities like clubhouse, guestrooms, food courts, creche, yoga and meditation hall. It is aimed at catering to the in-demand affordable housing segment with 2- to 3-bedroom apartments in a community environment.
"We are also planning to develop two malls, one at Kukatpally and the other at Madhapur near the IT hub of Hyderabad," he said.
ADBL is partnering with Cybercity Builders & Developers for other projects that include a 3 lakh sq. ft mall-cum-multiplex between Madhapur and Kukatpally on a 2.2-acre plot, with Golden Tobacco Corporation of Mumbai; a 7.1-acre venture for a software park in Madhapur, with Patel Engineering Company; and high-profile development on 60 acres in Moosapet and 20 acres in Maheshawaram.
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