Vizag's first FDI real estate project gets underway

Work on the first FDI real estate project in the city, named Celest, got underway here on Saturday at Gajuwaka, with the performance of "Bhumi puja".

According to Monish Row, Director, the project was awarded to the 90-year-old construction major, Simplex Infrastructure. "We want to give quality housing to the people at affordable prices," he said.

Of the 250 flats to be built in the first phase at the seven-acre site beside the highway, 90 per cent had been sold, he said. It would be a gated community with vaastu-compliant houses.

The project is being taken up by the real estate arm of SRS, a global investment firm. "We are working with SRS projects in other Indian cities too. We are happy to take up this major project," said Gautam Kar, senior General Manager of Simplex Infra.

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