Chennai: L&T Urban Infrastructure Ltd, Dinesh Ranka Associates and Mauritius-based private equity fund Pragnya Fund 1 have joined hands to unveil an integrated township project off Old Mahabalipuram Road (OMR), the IT corridor of Chennai, at an estimated cost of Rs 1,200 crore. A special purpose vehicle, L&T South City Projects Ltd, in which L&T will have a 51 per cent stake with the other two companies holding 24.5 per cent each, has been floated for the purpose. The township, Eden Park, to come up near Sirusseri was unveiled on Jan 18.
Eden Park will be spread over 100 acres and developed in 4 to 5 phases. The first phase will have a built-up area of 1.08 million sft and is expected to be ready in 24-30 months. It will come up on a 14-acre site, have 656 apartment units, eight blocks of 14 floors each comprising two (1,280 sft) and three (1,680 sft)-bedroom as well as premium (1,935-1,980 sft) dwelling units. Other financial details and price range of the housing units were not disclosed. The project is being funded through a combination of debt and equity. The debt portion has already been tied up.
The township will have residential apartments, villas, schools, healthcare facilities and shopping spaces, said K Venkatesh, executive vice-president (developmental projects business), L&T. The presence of top IT and ITeS companies such as TCS, Infosys, Wipro, HCL, Cognizant, Accenture and Satyam here has made OMR a sought-after destination for large residential projects over the last couple of year. The 22-km stretch of OMR, which will be employing close to 1.5 lakh people, has attracted local realty developers as well as large pan-India players DLF, Hiranandani, Puravankara to build large residential projects. About 10 more large integrated townships are being planned, besides 30-plus large residential projects, according to Jones Lang LaSalle Meghraj, a real estate services and money management firm.
Eden Park will be spread over 100 acres and developed in 4 to 5 phases. The first phase will have a built-up area of 1.08 million sft and is expected to be ready in 24-30 months. It will come up on a 14-acre site, have 656 apartment units, eight blocks of 14 floors each comprising two (1,280 sft) and three (1,680 sft)-bedroom as well as premium (1,935-1,980 sft) dwelling units. Other financial details and price range of the housing units were not disclosed. The project is being funded through a combination of debt and equity. The debt portion has already been tied up.
The township will have residential apartments, villas, schools, healthcare facilities and shopping spaces, said K Venkatesh, executive vice-president (developmental projects business), L&T. The presence of top IT and ITeS companies such as TCS, Infosys, Wipro, HCL, Cognizant, Accenture and Satyam here has made OMR a sought-after destination for large residential projects over the last couple of year. The 22-km stretch of OMR, which will be employing close to 1.5 lakh people, has attracted local realty developers as well as large pan-India players DLF, Hiranandani, Puravankara to build large residential projects. About 10 more large integrated townships are being planned, besides 30-plus large residential projects, according to Jones Lang LaSalle Meghraj, a real estate services and money management firm.
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