Hyderabad-based real estate developer Navanaami Projects Private Limited has secured Rs 250 crore in funding from Union Bank of India for its new luxury housing project, Megaleio. This ambitious project, located at Appa Junction Peerancheru in Hyderabad, spans 4.1 acres and aims to develop 150 luxury residences with a total sales potential of over Rs 1,200 crore.
Naveen Gadde, Founder and Managing Director of Navanaami, announced that Megaleio will be the company’s flagship luxury housing venture. The project involves an estimated investment of Rs 800 crore to Rs 900 crore, which includes land costs. The funding from Union Bank of India will cover a portion of this investment, with the remaining funds sourced from internal accruals.
Megaleio is set to feature two 50-floor towers, offering a total of 150 luxury apartments. The development is scheduled for completion within four years, with apartment prices starting at Rs 8 crore. Prices will vary based on the size, floor, and location of the units. The apartments will be available in three sizes: Skyline tower units at 11,111 square feet, and Unity tower units at 9,999 and 8,888 square feet.
Gadde highlighted that Megaleio is designed to combine luxury with sustainability, specifically targeting ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), and non-resident Indians (NRIs) as the main customer base. The project aims to offer an unparalleled living experience, blending modern amenities with eco-friendly practices.
In addition to the Megaleio project, Navanaami Group is planning to expand into tier 2 cities, including Indore, Raipur, and Bhubaneswar. Since its inception in 2005, Navanaami has successfully developed 14 projects in Hyderabad and Bengaluru. This expansion strategy is aimed at tapping into the growing real estate markets in these emerging cities, providing high-quality residential options to a broader customer base.
