Omega Shelters Private Limited announced the setting up of its Rs 220-crore (Rs 2.2 billion) Spanish villas in Hyderabad on Wednesday. Omega is a joint venture between Hyderabad-based Koncept Ambience Properties Limited and some US-based family investment trusts.
The project titled, Casa Estebana, is spread over 50 acres near the Satyam Technology Park on the city outskirts and will consist of 44 signature Spanish casas, villas, palacios and quintas. It is marketed by Asipac Projects, an urban infrastructure project planning and development management company.
Amit Bagaria, chief executive of Asipac Projects, said construction work on the first lot of villas (six) was expected to begin in the next five to six weeks, and the first villa would be delivered in 19-20 months.
The Casa Estebana villas come in five sizes, the smallest having six bedrooms and 7,650 sqft of construction space, while the largest will have seven bedrooms and 16,500 sqft.
Each villa will have a master bedroom suite with a 1,044-sqft bathroom, besides a bar, home office, 408-sqft foot den, billiards room, 16-seat home theatre, jogging tracks, three lily ponds, servant and drivers' rooms and a five-car covered garage, among others.
The prices of the villas would range between Rs 7 crore (Rs 70 million) and Rs 9 crore (Rs 90 milion), Bagaria told mediapersons here on Wednesday.
Ambience Group founder and chairman MP Agrawall said the company had already received Rs 50 crore (Rs 500 million) foreign direct investment from US-based private investment trusts as equity in the project.