Hyderabad, July 24: Known for its low-cost affordable housing projects, Prajay Engineers Syndicate Ltd. today, launched two-bedroom fully-furnished flats at Shamirpet for Rs 9,99,000.
Ã¢â‚¬Å“We have reduced the prices of our flats keeping in mind the recession and we feel that at any point of time, an average citizen should be able to buy a flat in Hyderabad,Ã¢â‚¬ said Mr Vijay Sen Reddy, Executive Director, Prajay. Ã¢â‚¬Å“We have developed these flats over the sprawling 72-acre Water Front property of Prajay overlooking a picturesque 150-acre lake.Ã¢â‚¬
However, Shamirpet, being 30 kilometers from the city, question may arise about the accessibility of the place. Ã¢â‚¬Å“Our main target is the emerging biotech hubs which are at a close proximity to Water Front. And at the same time Shamirpet offers the much-needed peace and tranquility in todayâ€˜s stress-filled life. Construction at places such as Madhapur may have been more profitable for the company, but the prices would have gone up and we would not have been able to provide ´affordableâ€˜ living spaces,Ã¢â‚¬ said Ravinder Reddy, COO and CFO of Prajay Engineers Syndicate Ltd.
According to the Executive Director of Prajay, the company can afford to sell out flats at such low costs and still maintain profits was because it had bought lands at much lower cost five to six years ago when real estate boom had not caught up with Hyderabad. He added if customers did not want furniture, the company would reduce Rs. 70,000 on the price.