Hyderabad-based Rajapushpa Properties has acquired 25 acre with a tag along joint development agreement in Hyderabad, Telangana, for a consideration of Rs 800 crore.
The land located on the Outer Ring Road in Hyderabad will be used to develop a high-rise residential project.
The builder has bought 18 acre through direct purchase for Rs 550 crore and the remaining economic interest under joint development will be another Rs 250 crore.
The project will be launched in January 2021 and comprise two-BHK and three-BHK units spread between 1,370 sq ft and 2,680 sq ft.
The company is expanding its footprint to the commercial segment in Hyderabad. The company has over 30 acre of land bank in the IT corridor of Kokapet and will develop office space as demand will continue to grow.