Anvita Group Establishes Rs 2,000 Cr Mega Residential Project In Hyderabad

The real estate company Anvita Group revealed on Thursday that it has invested Rs 2,000 crore in the massive residential real estate project Ivana, which is located in Kollur, close to Hyderabad. The luxury gated community project, which will be built in two phases, is comprised of 1,850 flats spread across 12.9 acres. Across 3.5 acres, the first phase will consist of two towers of 15 floors each and with a total of 450 units. The real estate giant is preparing to complete the first phase of units by December 2024.

"In the second phase, four massive towers of 36 floors each will come up in 9.25 acres. We will hand over all 1,400 units of the 2nd phase to customers in 2027. As the initial offer, we are selling units at just Rs 6,500 per square feet," Atchuta Rao Boppana, Chairman and Managing Director, Anvita Group, said.

"Ivana will have an area of 8 lakh square feet in the first phase and 28 lakh sft in the second phase," said Anup Boppana, the company's Director.

The estimated cost of development for the first phase is Rs 380 crore, while the second phase is likely to cost more than Rs 1,600 crore. From the first to the 34th floors, the company is building apartments with two and three bedrooms that range in size from 1,360 to 2,580 square feet. There will be opulent 2,900-5,070 square foot premium sky villas on 35-36 floors in addition to parking spaces.

Atchuta Rao said that the Ivana project will have space for all income groups. "I am also from a middle class background. My family initially lived in rented houses. I built my company brick by brick in the last three decades. We are developing our projects and offering a host of amenities keeping aspirations and tastes of customers in mind," he said.

"The project will have two club houses with an area of one lakh square feet. Apart from these, a garden, a swimming pool and three basement parking spaces in the towers and one floor have been allocated for the use of children and adults. There will be walking and cycling tracks. In addition to the corpus fund contributed by the flat owners for the maintenance of the apartments, we will set up a fund on behalf of our company for the maintenance of some sports facilities including coaches," he further added.

Concerning the damages that occurred in high-rise apartments, Atchuta Rao said "To avoid such problems, products of international quality are being used in the project. Besides, customers can choose kitchen cabinets including cupboards from us,"

According to Atchuta Rao, 3.5 acres would be park spread as part of the Ivana project. It will also offer enough amenities for families to host events for a maximum of 1,000 individuals. In addition, a bank, a grocery store, childcare facilities, rooms for children' tuition, and workspaces for working from home will be available. Atchuta Rao provided an explanation of the funeral plans, stating that many preparations, such as the installation of a freezer system, would allow for the storage of three bodies until the arrival of family members from overseas and remote locations.