Purvankara wins tender

Puravankara Projects Ltd has announced that Company has won the tender bid from APIIC (Andhra Pradesh Industrial Infrastructure Corporation) for development of a massive project at the prestigious Hi-tech City, Hyderabad, involving an Investment of over Rs 3,500 crores.

The Company's bid for the land deal was for Rs 630 crores.

The Company's Hi-Tech city project will be a development of approx. 6.5 million sq ft area. As the acquired land is in a prime, lucrative and high-rise zone with unlimited FSI, the Company will use the land for mixed development of high end ultra luxury retail, residential, commercial and hospitality complexes.

APIIC floated the tender for the project with a reserve price or Rs 20 cr per acre and received three bids including DLF and BPTP.

High-Tech City is the new IT destination for many in the world and the area has developed rapidly with world class infrastructure facilities.

Expressing happiness at the new venture, the sources at the Company said: "We are delighted that we have been allotted with this land. We will stretch an extra mile to ensure that we do a world class development with world's best architects and professionals on the job."