Avinash Bhosale Group and Kumar Properties' joint venture:Megapolis, 150-acre township in the 3rd phase of Rajiv Gandhi Infotech Park in Hinjewadi, to be built under the Special Township Act, was announced here on Monday by Pegasus Properties Private Ltd, 50:50 % joint venture between Avinash Bhosale Group and Kumar Properties.
The Rs 1,400-crore project - Megapolis - comprises 5,800 flats, studio apartments and an IT special economic zone.
1st Phase:In the first phase, close to 900 apartments — both 2 and 3 BHK — spread over about half the land will be ready in 24 months, by April 2010, while the rest of the project — about 5,800 apartments — will be completed in 5 years, by 2013, said Amit Bhosale, director of Pegasus Properties.
Property Rate:The inaugural rate of the flats works out to Rs 3,250 per sq ft for 2 BHK and Rs 3,300 for 3 BHK, with increased pricing for every additional floor of the 21 storey buildings.
In all, there will be 58 such towers, which extend to 20 per cent of the 150-acre township.
“We are working at a pace of two apartments in three days to meet the scheduled time deadline,” said Rajas Jain, Director, Pegasus Properties.
Homes for IT Professionals and their Parents:While the first phase will consist of apartments, in the subsequent phases, the project envisages six blocks to be earmarked as old age homes. “This is so that the parents can at least stay on the same campus,” said Manish Jain, Kumar Properties.
The project is banking on its proximity to IT companies. “Megapolis is bordering the Tata Consultancy Services (TCS) facility. Other IT firms, Wipro, Infosys, Tech Mahindra are close by. We are promoting a walk-to-work concept,” he said.
Speaking on the occasion Mr. Vimal Kumar Jain, Director Pegasus Properties Pvt. Ltd said, “Pune is emerging as one of the top seven cities promising high growth potential. In the days to come, Megapolis is destined to become one of the crowning landmarks of modern Pune.”
Singapore-based RSP architects and Belt Collins International are the architect and landscape designer respectively for this project.
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