(Over 75 percent of released units in Phase 1 sold out in less than a month of launch)

Press Release: Patel announced its entry into Hyderabad with its Smondo project , an innovative concept of smart condominiums, in Gachibowli. This concept has earlier already proven to be a great success with Bangalore homebuyers. The new project, which has received significant interest, sold out over 75 percent of its first phase inventory of 180 units within a month of pre-launch release. The second phase inventory of 180 units is being launched tomorrow at the APREDA Property Show, HITEX Exhibition Complex.

Placing the buyer at the heart of its business, Patel Realty designed Smondos to be Vaastu-compliant, efficiently designed to create optimum usage of space and immaculately finished, at attractive prices starting at 43 lakhs. The Smondos have been launched in formats of 2 BHK (990 SFT), 2.5 BHK (1120 SFT) and 3 BHK (1400 SFT) apartments. Conveniently located near the Financial District and Hi-Tec City in Hyderabad at Gachibowli, the current project is spread over 4 acres of land. Patel also has other land parcels in and around Hyderabad city.

“Patel Realty has set new benchmarks in real estate in terms of service, quality, innovation and affordability of houses. The phenomenal success of the Smondo project has demonstrated the growing need for space efficient, contemporary style housing in Hyderabad and we are pleased to be able address this demand. Gachibowli serves as the perfect location for potential buyers who travel long distances to their place of work. We chose Hi-Tec City for our Hyderabad launch as it has the highest number of working professionals who currently commute to this location, but has a shortage of suitable options for homes that suit their lifestyles and family needs.” said Mr. Pravin Malkani, Managing Director, Patel Realty

Malkani further added, “Patel Realty will soon announce further plans for the development in Hyderabad. We believe in creating programmed land that meets our buyers’ lifestyle needs; and not just standalone houses. In the next phase of development we would evaluate launching both retail and commercial projects in addition to further residential ones.”

Patel has a total land bank of over 1,250 acres spread across major cities of Mumbai, Bengaluru, Hyderabad, and Chennai in India.

About Patel Realty

Established in Mumbai in 2007, Patel Realty is a wholly owned subsidiary of the Patel Engineering Group. Patel Engineering (BSE: PATENG) is a sixty-year-old company with a global presence in infrastructure, power and tunneling. Patel Realty India Ltd. operates as a diversified real estate development company engaged in the development of real estate and currently has under its development portfolio three integrated townships, along with high end commercial and residential projects underway in Mumbai and several other projects in Noida, Andhra Pradesh, Tamil Nadu as well as Mauritius. The execution of all the projects of the company is backed by its parent company, which has successfully completed over 350 Projects in over six decades and has a global presence in USA, Greece, Indonesia, China, Chile, Eritrea (Africa), Qatar, Nepal, Sri Lanka & Bhutan.