HYDERABAD: In what is one of the largest private IT park developments in the making in Hyderabad and perhaps in the country, Hyderabad-based My Home Group is firming up plans for a 30-35 million sq feet project at a cost of around $2 billion at Kokapet.
The commercial project, comprising a combination of SEZ and non-SEZ development along with MICE (meetings, incentives, conferences and exhibitions), star hotel, retail and entertainment facilities, is slated to come up on an 80-acre plot over a period of 8-10 years, A Srinivasa Rao, CFO, My Home Constructions Pvt Ltd, told TOI.
Rao indicated that this could be the most expensive project to have ever been taken up in Hyderabad and would be developed as a premium business district on the lines of Gurugram’s Cyber Hub that was developed by DLF.
The company has roped in architects from Singapore, Hong Kong and South Korea for the yet-to-be named project, which is expected to kick off with a 4-8 million sq ft construction in June this year in the initial phase, he explained.
“The earthwork excavation has begun at the site and we have applied to the authorities for various approvals that are expected to come in by May end,” Rao said, adding that initial plans include developing only about 60-63 acres.
While currently the group has not roped in any development partners, like it did with RMZ Group for the Sky View project in Madhapur, Rao said they are open to single or multiple partnerships for the project.
My Home Group has completed 24-25 million sq ft of development across residential and commercial projects and has another 11-12 million sq ft under construction, including the 1.1 million sq ft Twitza project.