MSN Group founder MSN Reddy at the launch of realty brand in Hyderabad on Thursday.
| Photo Credit: Arrangement
Pharmaceuticals focused $1 billion MSN Group is foraying into real estate sector with plans to develop 20 million sq ft residential and commercial space in prime locations it owns, in and around Hyderabad, over next five years.
“We are committed to more than just constructing buildings… vision is to create spaces meeting the highest standards of design and functionality and enriching the lives of those who inhabit them,” founder and chairman and managing director MSN Reddy said at the launch of the MSN Realty brand here on Thursday.
Over the next five years, the plan is to develop residential and commercial spaces in Neopolis, Manchirevula, Tellapur, Patancheru and Isnapur. The Group, which operates through five companies in generic drug manufacturing as well as research and development, has formed a separate company MSN Urban Ventures for its diversification into real estate sector.
Speaking to media, Mr. Reddy said the focus initially will be on residential space development, starting with Neopolis, on the outskirts, where the Group had purchased land parcels totalling 15 acres from Telangana government for ₹70-75 crore each. Finer details of the project comprising 3 BHK and above apartments will be announced once the necessary approvals are in place, in a month or two, he said, adding the plan is develop 8-9 million sq ft there in five years.
The size of the apartments in Neopolis will range from 2,500-7,000 sq ft, he said, introducing V. D. L. N. Sarma, who as senior vice president of the new company will steer the real estate development. Pegging the land bank available with the Group for real estate development to be around 25 acres, he said there are also plans to launch discussions, with owners of land elsewhere, for adding to the portfolio. The company, however, would remain focussed on Hyderabad and neighbourhood.
Compared to other cities the potential for real estate development in Hyderabad is better and the Group is not late in the foray, Mr. Reddy replied to queries.
The Group, whose revenue raced past the $1 billion mark in 2023-24, draws upon its rich legacy from the pharmaceutical industry to drive its real estate ventures, focusing on quality, creativity and meticulous attention to detail, he said.
