Describing the real estate scenario in the city as ‘not good' for last one year, chairman of Janapriya Projects, K.Ravinder Reddy, said that a lot for the sector depended on some clarity emerging on the Telangana issue by the year-end.
Speaking to presspersons to announce the tie up with a Finland-based firm for precast construction technology here on Thursday, Mr. Reddy expressed hope that the Srikrishna Committee would come out with a solution on the issue. “If a solution emerges by the year-end, then real estate here will recover. At the same time, if uncertainty on the issue persists, then it will also be uncertainty for the real estate,” he remarked.
Property issues in other metros have started to recover from the effects of recession but here in the city, the Telangana issue has come to affect the recovery prospects.
Janapriya Projects, a joint venture of Janapriya Engineers Syndicate and Kotak Realty, has entered into a technology tie-up with Finland-based Elematic for precast construction technology for Lake Front, an integrated apartment-cum-villa venture coming up at Sainikpuri.
A memorandum of understanding was signed on Thursday to set up the facility at Sainikpuri in a site spread over 1.4 acres with an investment of Rs.100 million and a production capacity of 2 million sft per annum for making precast concrete.
The facility would initially be manufacturing precast walls and at a later stage, other precast elements for construction such as roof and others would be taken up. “This is a technology which has proven itself over a period of time and is used extensively in Europe and Middle East,” Mr.Reddy said.
Elematic Sales director, Customer Services, Petteri Laitinen, said they had completed projects in Finland, Malaysia and United Arab Emirates among other countries.