Prajay Engineers to launch Prajay Autopolis, Hyderabad, India´s first Auto mall

Prajay Engineers Syndicate Ltd has announced that the Company has decided to launch its innovative and pioneering project ´Prajay Autopolis´, in Hyderabad. The Autopolis is a first-of-its-kind automobile mall in India.

Prajay Autopolis is a novel initiative in Auto Retailing in India, where consumers will have the convenience of buying automobiles in a multi brand retail space. Prajay Autopolis will also offer an all encompassing automobile experience, in order to cater to holistic needs of automobile consumers. The Autopolis will be an end-to-end automobile solutions location, comprising, sales, servicing as well as warehousing. Automobile Companies will benefit from a one stop retail destination and the benefits of an exhibition and convention area to organise new product launches and other events.

Prajay Autopolis is coming up on the Mumbai Highway (NH 7) and will be just 2 kilometres from the Outer Ring Road. It will be at a distance of just 10 kilometres from the Hi-Tec City and at a short distance from other major landmarks such as ISB and Microsoft campus. Prajay Autopolis will be based on a land area measuring 35 acres, and will have over 30,87,000 square feet of constructed area.

Prajay Autopolis will combine mega automobile showrooms with administrative, servicing and warehousing area across more than 18,00,000 sq feet. This will also include facilities for automobile financing institutions and insurance services to create a complete the range of services required for automobiles, for both automobile Companies and their customers. Prajay Autopolis will also have a multipurpose convention centre measuring 1,61,000 square feet for auto fairs and product launches, in addition to having a multi level car parking facility and civic conveniences.

Prajay Autopolis also envisages three towers comprising an Information Technology Park at the same venue. The IT park will have a total constructed area of 15,08,000 square feet and will be a contemporary construction with all necessary amenities for the functioning of information technology Companies. In addition to the IT Park, the Prajay Autopolis will also have an office block above the showroom space for administrative offices and warehouses for Auto Companies.

The Company is in the final stage of finalizing the layout plans and the concept designs for the project. It has appointed international architects and planners for the assignment. The construction is expected to begin by the end of the year. The Prajay Autopolis is expected to open in the second half of 2008.

The Company is in talks with several leading automobile Companies in India to finalise space bookings in the Prajay Autopolis. The Company expects revenue in excess of Rs 6,700 million over the next three years from this venture against an estimated cost of Rs 4,000 million. The Company expects to report an EBIDTA of over Rs 2,700 million from this project and a net profit of approximately Rs 2,000 million.

Prajay Autopolis will be eligible project for exemption under section 80 IA of the Income Tax Act, 1961.

Source : Equity Bulls

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