Union Bank of India has invested Rs 250 crore in Navanaami Projects Private Ltd, a Hyderabad based developer for their luxury housing project, two people aware of the development said.
Company’s project ‘The Megaleio’ will be spread in over one million sq ft area and will need to Rs 800-900 crore. While the funding raised from the bank will be used to start the construction, balance work will be done through the sales receivable, which is more than Rs 1,200 crore.
“We have managed to bring the bank on board which will help us in the initial phases of construction. The strategic location of land helped us to plan the Uber luxury apartments and we have brought global architects to ensure quality is not compromised,” said Naveen Gadde, founder & managing director, Navanaami.
The top Southern markets Bengaluru, Hyderabad, and Chennai saw their collective unsold stock shrink by 11% in five years.
South India’s relatively low decline of unsold inventory is attributable to a massive new launch rate in Hyderabad, most notably over the last two years. The city saw its housing stock almost quadruple in the last 5 years.
Navanaami’s project Megaleio will be surrounded by a 1200-acre of greenery and in the vicinity of protected waterbodies Himayat Sagar and Osman Sagar and will have 150 apartments on 50-floor building.
The company has so far developed villa project in Hyderabad and a commercial project also. It is also planning to do projects in Bangalore and some tier 2 cities as well.
