HYDERABAD NEWS. HMDA approves the first Integrated Community Complex Project of 400 Apartments Promoted by Buyers

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(Excl Ventures News) For the first time in Hyderabad an ambitious residential project of over Rs.125crore promoted by Buyers Society has been approved by HMDA on 18th February! The project is coming up at Tellapur, beside Gachibowli in Hyderabad.

The Project is promoted by Cyber Employees Welfare Society (CEWS), a motley group of more than 250 IT employees from IBM to Infosys. The Society was registered in 2007 when the apartment prices had shot through the roof making it tough for the salaried to buy homes. Since then, this Society has systematically and quietly gone ahead by acquiring land, engaging Architects and Consultants and even built approach road to site, from Gopanapalli. Their effort has now been acknowledged by HMDA by giving the Project, approval.

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There are several interesting aspects in this project. Most striking one is the fact that the price of the flat is based on actual cost incurred. There is no developer margin in the price. Hence effectively buyer gets much higher quality for the same rate compared to buying from a developer, since every paise paid goes into construction. The project was pre-sold except for few units. Hence, unlike other new projects, CEWS does not have any booking risk. The buyers have all gone together as group to SBI and struck special deal for housing loan. They also engaged in extensive negotiation with Nagarjuana Construction Company (NCC) to bring price down but by keeping quality standards very high.

The project is spread over 6.4Acres and has 400 super luxury apartment units. It has extensive amenities including Tennis Courts, Swimming Pools, Club House etc.

The Project's success is a strong message to developers to tighten costs and try and match the price and quality of CEWS.