Kalpataru Ltd, the Mumbai-based real estate company, has launched its first housing project Kalpataru Residency in Hyderabad, which entails construction of about 9.5 lakh square feet of built-up area.
The site located on the National Highway connecting Hyderabad-Mumbai and adjacent to stations of Multi-Modal Transport System and upcoming Hyderabad Metro Rail, will see the development of 576 apartments on a 5.5-acre site. The site is part of the 9.5-acre land parcel the company had acquired from British Oxygen in 2008 for Rs. 80 crore. Though the land was acquired several years ago, the company decided to develop now as the market passed through a tough business cycle.