Prajay Engineers launches two residential projects
Hyderabad-based construction and hospitality company Prajay Engineers Syndicate Limited (PESL), has launched Water Front, a gated community offering 500 flats and 550 independent houses and villas, at Shamirpet on the outskirts of the city.
Announcing this, N Ravinder Reddy, the company’s CFO and COO said that Phase I of the project, being developed across 72 acres at an estimated investment of Rs285 crore, would be completed in the next 24 months. Work on Phase II, which entails an investment of approximately Rs400 crore and includes 1,500 apartments and over 500 independent houses spread across 80 acres, is expected to commence on completion of Phase I of this project.
The company plans to complete both phases over the next four to five years and is targeting sales revenues of Rs365 crore and Rs750 crore respectively. Also on the anvil is a 3.5 million sq ft high-rise residential project in the city. The JV project is to be developed on a 22 acre plot and will include 23 towers, comprising of ground plus 19 floors.