City-headquartered Vijay Shanthi Builders today said they have obtained the planning approval for its Rs 300 crore Lotus Pond project from the Directorate of Town and Country Planning, Chennai.
In a communication to the BSE, the company said that the foundation work has been completed in four blocks and the project was expected to be completed within 21 months.
The Lotus Pond project was launched in January 2009, the company said.
The project is coming up in an area of 11.17 acre with 23 blocks of residential units in the Old Mahabalipuram Road area.
The apartments are priced between Rs 9.40 lakh and Rs 30 lakh and is equipped with all facilities including swimming pool and multipurpose gym.
It would also have jogging track, Open Air Theatre, play area and a health club.
Shares of the company were trading at Rs 29.20, up by 4.85 per cent in the afternoon BSE.