My Home Group, with interests in real estate and cement business, has started Rs. 1,000-crore residential project at Puppalguda near the Gachibowli IT corridor. To be taken up in two phases, the 23-acre project would have 10 blocks, with a total of 2,800 flats.
“We will construct five blocks in the first phase, with each block having ground plus 30 floors. The buildings will come up in 16 per cent of the area, with the remaining space being allocated for parks, swimming pools and other amenities,” J Shyam Rao, Executive Director of My Home Constructions Private Limited said.
Addressing a press conference here on Sunday after the ground-breaking ceremony, he said the cost of flats would start from Rs. 65 lakhs with payment schedule spanning a period of three years.
The firm completed 15 residential and commercial projects with a total built-up area of about 60 lakh sq ft in different parts of the city.
The firm, which ventured into cement production, has a installed capacity of 8.4 million tonnes. The firm is targeting to increase the production capacity to 12 million tonnes in the next few years.
It however refused to talk on the time line and investments for the expansion.