Salarpuria Sattva, a Ba­ngalore-based real estate developer, has launched a premium mixed-use project in Hyderabad. Christened as Necklace Pride, the project is located close to the most famous Hussain Sagar lake.

The 8.5-acre project will offer about 1.6 million sq ft of residential, commercial and retail spaces. The company hopes to stay committed to the city and take the total development area to 10 million sq ft in the next three years. The initial investment for Necklace Pride is pegged at over Rs 500 crore and the project is expected to be complete by 2015.

“While construction activities have slowed down, there could be immense opportunities because of the infrastructure support that the city boasts of. This would be the first project to have a work-live-play concept,” said Bijay Agarwal, man­aging director, Sala­rpuria Sattva.

Of the total project area, 9 lakh sq ft would be for residential, 4.5 lakh sq ft for commercial and 2.5 lakh sq ft for retail spaces.

The project will have 424 apa­rtments, offering two, three and four bedroom units. These will spread over five towers of 14 floors each. The developer promises amenities like a 20,000 sq ft club house with terrace pool, kids pool, gym, indoor badminton court and table tennis board.

A smaller apartment would cost around Rs 55 lakh and based on the size the price may go up to a crore. The commercial space would be available at around Rs 6,500 per sq ft. “We are also planning to come up with a retail and residential mix project at Hitec city, near Inorbit mall soon,” he said.

Necklace Pride would be the company’s second project in the city, after a commercial project — Cyber Garden.

trushnaudgirkar@mydigitalfc.com