Date:12/10/2006 URL: http://www.thehindubusinessline.com/2006/10/12/stories/2006101204201900.htm

Back Spanish villas set to adorn Hyderabad

Our Bureau

Dubbed as the most expensive homes so far, the Rs 220-crore project has on offer just 44 homes.

Hyderabad , Oct. 11

A Spanish villa near Hyderabad? Yes, and it will cost you dear, but make you the proud owner of what is claimed by the promoters to be India's most expensive , most luxurious home in a gated community at present.

Promoted by Hyderabad-based, Omega Shelters, a part of the Ambience Properties Group, the Rs 220-crore project has on offer just 44 homes to be styled and built in signature Spanish - Casas, Villas, Palacious and Quintas - inspired by the Spanish painter Pablo Picasso .

`Most expensive homes'

The cost for these different types of Villa homes, to be spread over individual plots ranging from half an acre to one and a half acre, would be between Rs 4.5 crore and 12 crore. Casa Estabana, as it would be called, the venture is coming up on a 50-acre area near Kompally on the Medchal State Highway road, on the outskirts of Hyderabad.

The project has been conceived, planned and marketed by Asipac, one of the leading urban infrastructure companies. "We will redefine luxury in the context of homes in India, with the project," Mr Amit Bagaria, Chairman of the company, told newspersons, while showcasing the venture on Wednesday.

Spanish expertise

Senor Alfonso Peralta, an experienced architect from Malaga, birthplace of Picasso, in Spain has provided the expertise, while Mr Sharad Maithel, Jaipur's leading architect, put in three months to ensure more than 200 items, suggested by select people of the city, talked to by the promoters, were incorporated in the project.

A bathroom of the giant size of 1044 sq ft; billiard room, soundproofed cinema halls, 3-5 covered garages, open air Jacuzzi, 16-seater home theatre, semi-covered 100-foot pool-facing scenic walk, garden with gazebo are just samplers of what are in store for the residents, explained Mr M.P. Agrawal, Chairman of the Ambience Group.

"We hope to deliver the first home in 18-24 months from now. The residents would be chosen, after due consideration, and not just ability to buy. We have the credit of giving the first gated community in India and will draw on the experience," Mr Agrawal said.

FDI approval

On the funding for the project, he said the company has got FDI (Foreign Direct Investment) approval. A close Group of Boston-based High Networth Individuals running a private investment fund, focused on realty in India, has agreed to provide up to Rs 200 crore for projects of Ambience Group, he said. "We have already received Rs 50 crore for the Casa Estebana. They will have 50 per cent equity stake", he added.

As to why Hyderabad was chosen for the project, Mr Amit Bagaria said the city already has world-class facilities such as the Hyderabad International Convention Centre (HICC), the Indian School of Business (ISB), the upcoming international Airport and schools, but lacks world-class homes. "We want to be the first to fill the void," he said.