Hyderabad-based real estate developer Navanaami Projects Private Limited has secured Rs 250 crore in funding from the Union Bank of India for its upcoming housing project.
According to company executives, the funds will be directed towards developing 150 luxury residences in Hyderabad, with an estimated sales potential of over Rs 1,200 crore.
Naveen Gadde, Founder and Managing Director of Navanaami, stated that the new luxury housing project, named ‘Megaleio’, spans 4.1 acres at Appa Junction Peerancheru in Hyderabad. The location is conveniently close to the airport and the financial district.
Gadde described Megaleio as their flagship luxury housing initiative. The project, which is projected to cost between Rs 800 crore and Rs 900 crore, including land, has received Rs 250 crore in funding from the Union Bank of India. The remaining investment will come from internal accruals, with the total sales potential estimated at around Rs 1,200 crore.
The project will feature two 50-floor towers, offering 150 luxury apartments. It is expected to be completed within four years, with prices starting at Rs 8 crore, depending on the size, floor, and location of the apartments.
Gadde highlighted that Megaleio aims to integrate design, sustainability, and luxury. The apartments will be available in three unit sizes: Skyline tower units at 11,111 square feet, and Unity tower units at 9,999 and 8,888 square feet.
The primary market for these luxury residences will be ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), and non-resident Indians (NRIs).
Additionally, Navanaami Group plans to expand into tier-2 city micro-markets such as Indore, Raipur, and Bhubaneswar. Since 2005, Navanaami has developed 14 projects in Hyderabad and Bengaluru.
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By Proptechbuzz
By Ravi Kumar
