Real Estate: Hyderabad, known as the city of villas, is now fast witnessing a shift to high-rise buildings. Though the IT hub already has a number of high-rise commercial buildings in Hitech City housing tech companies, the development of tall residential buildings is also fast taking place now. This week, Hyderabad-based leading realty company Navanaami Projects unveiled its ultra-luxury architectural magnum opus — The Megaleio — in the city.
The Megaleio project, spread over 4.1 acre and surrounded by 1,200 acres of greenery between the protected waterbodies Himayat Sagar and Osman Sagar, comprises two iconic towers having 50 floors and 150 opulent exquisite residences.
The 150 residential units in these tallest buildings of Hyderabad will be divided into three units: Skyline tower units with an area of 11,111 sqft; Unity tower units with an area of 9,999 sqft and 8,888 sqft.
To be built at a cost of nearly Rs 900 crore, the price of a unit ranges between Rs 8 crore-Rs 12 crore.
This ‘Megaleio’ project, located at Appa Junction Peerancheru with just 20 minutes away from the Rajiv Gandhi International Airport and 15 minutes from the Financial District, is scheduled to be completed in the next four years.
This is Navanaami’s second project, with the first being in Bengaluru. The company is also developing ultra-luxury projects in Bhubaneswar, Odisha. The luxury real estate company plans to expand to other cities.
Unveiling the project, Naveen Gadde, founder and managing director of Navanaami, said, “Megaleio represents a harmonious convergence of design, sustainability, and uncompromising luxury. As we work towards making our dream a tangible reality, we are proud to share that Megaleio will stand as a celebration of Hyderabad’s rich heritage and a bold statement of its aspirations for the future. We invite the world to experience a new paradigm of living, where the boundaries of imagination are pushed, and every moment is a celebration of the extraordinary.”
The RERA-approved Megalieo project boasts of a stunning design with double-height ceilings, a conscious façade, and an expansive interior that creates a remarkable ambience.
In a statement, Navanaami said, “Catering to an audience of high-net-worth individuals, Megaleio has unparalleled amenities and facilities elevate the concept of ultra-luxury living to new heights. Residents will revel in branded kitchens, state-of-the-art home automation systems, noise-controlled windows, opulent bathrooms, and sustainable features that seamlessly blend eco-consciousness with sophistication. Private garages with EV charging capabilities, soaring 9-foot doorways, and internationally sourced flooring materials further amplify the exclusive allure of Megaleio.”
In recent years, there has been a noticeable shift in the preferences of Indian homebuyers towards luxury housing. According to data from leading real estate agencies, the demand for luxury properties has witnessed a substantial increase, outpacing the growth in other segments of the market. The luxury housing market, which includes premium apartments, villas, and penthouses, has become a key driver of the overall real estate sector.
In 2023, according to a recent report by CBRE, the sale of residences valued at Rs 4 crore and above experienced a substantial 97 per cent year-on-year increase in the seven major cities of India during the period from January to September 2023. The study highlighted that Delhi-NCR, Mumbai, and Hyderabad collectively contributed to 90 per cent of the overall luxury housing transactions in this timeframe. This surge is particularly prominent in metro cities. Specifically, Delhi-NCR constituted 37 per cent of the sales, Mumbai accounted for 35 per cent, and Hyderabad for 18 per cent, with Pune representing the remaining 4 per cent.
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