Neither the slump nor lack of demand has prevented the Hyderabad-based Radha Realty from rolling out an ultra luxury gated community project christened U31. The realty major plans to invest Rs 275 crores to build the project at Kondapur, Hyderabad. The price of the homes, each with a built-up area of 11,800 sq. ft., has been fixed at a whopping Rs 12 crores per unit. The project is expected to be completed by 2011.

N Ravindranath Reddy, MD, said, “We will construct just 31 (U31) homes on a nine- acre green podium. Nineteen courtyard houses and 12 pavilion houses for a four-storeyed structure would be developed. Of the Rs 275-crore investment,” a sum of Rs 75 crores will be raised through debt, and part fund through internal accruals and customer advances. At present, private equity funds are not being contemplated.

The flats are to have five bedrooms, a private swimming pool, private elevator, five car parking spaces, a designer home entertainment room, a bulk storage garage and accommodation for up to eight domestic helps. The entire garden ground level would be a car-free zone, with all the vehicle movements restricted to the below podium level.

The project has been designed by Andrew Maynard, an architect from Australia, and India’s Dilip Chabbria. Tempus Infra Projects is the infrastructure and construction services partners, while X-Cube Advisors (of Asipac Group) are the strategy consultants.