Sattva Group's Rs 1,500 cr Vizag Project

New Delhi, Jul 9 (PTI) Bengaluru-based realty firm Sattva Group will invest Rs 1,500 crore to develop a 30-acre mixed-use project in Vizag, Andhra Pradesh as part of its expansion plan.

Sattva Group, which is one of the leading real estate firms in South India, decided to develop this project following a detailed discussion on Tuesday with Nara Lokesh, Minister for Information Technology, Electronics and Communications, in the Andhra Pradesh government.

In a statement on Wednesday, Sattva Group said it will develop a 30-acre mixed-use project, 'Sattva Vantage Vizag Campus'.

"With a planned investment of Rs 1,500 crore, the project will feature a blend of Grade A office spaces, premium residential developments, and integrated urban infrastructure, all designed to global standards of sustainability and smart living," it said.

Sattva Group said it intends to contribute to Andhra Pradesh's growth story, and the campus, once operational, is expected to generate over 25,000 direct employment opportunities.

It is already developing an integrated township in Andhra Pradesh.

Earlier this week, Sattva Group Managing Director Bijay Agarwal said the company would invest about Rs 800 crore over the next two years in the Goa property market as it sees huge business opportunities in this coastal city.

In the last three decades of its operation, Sattva Group has completed 74 million square feet area across various residential and commercial projects. More than 75 million sq ft area is under various stages of planning and development.

Besides South India, Sattva Group has a presence in Pune, Goa and Kolkata markets, and it is planning to enter Mumbai.

The Group also has a presence in other verticals of real estate, including co-working, co-living, data centres and warehousing. It is also in hospitality and education.

In early March, Sattva Group and Blackstone-sponsored Knowledge Realty Trust (KRT) filed the Draft Red Herring Prospectus (DRHP) with Sebi to launch an Initial Public Offering (IPO) for raising Rs 6,200 crore and list the REIT on stock exchanges.

Through this REIT public issue, Sattva Group and Blackstone want to monetise 30 prime office assets across major cities.