New Delhi: Real estate developer Parsvnath Developers has lined up Rs245 crore to construct a commercial complex and a five star hotel in Hyderabad.
The company, which performed the ground-breaking ceremony of the project, would develop the commercial complex and hotel in the next three years.
“The estimated cost of the project is Rs245 crore, which includes land and construction cost,” Parsvnath Chairman Pradeep Jain said, adding that, the investment would be funded through internal accruals and debt.
The complex would have a total saleable area of 3 lakh sq ft and the 5-star hotel would be spread over an area of 1.75 lakh sq ft, the company informed BSE.
The luxury hotel would comprise of 186 rooms, business centre and other amenities required for holding conferences and leisure accommodation.
“This marks the beginning of our commercial endeavour in the region. The new 5-star hotel is expected to ease the acute shortage of luxury hotel rooms in the city which is witnessing an increase in the tourist inflow,” Parsvnath Managing Director Sanjeev Jain said.
In addition to this project, Parsvnath has already received government’s approval for setting up a bio-technology and pharma Special Economic Zone (SEZ) over 25-acres of land in Hyderabad.