Hallmark Infrastructure Pvt Ltd (HIPL), a Chennai-based infrastructure company, is planning to invest around Rs 1,100 crore in various residential and a hospitality projects, and would raise around Rs 200 crore from private equity (PE) for one of its affordable housing projects.
Anand Jain, managing director, HIPL, said the company was planning a residential project named Solitaire, that would cater to all segments of society at Maraimallai nagar near here.
It would have one-, two- and three-bedroom flats with an area ranging from 600 sft to 1,400 sft. The price range is Rs 19 lakh to Rs 43.7 lakh. Total construction area will be around 2.5 million sft with an outlay of around Rs 750 crore.
“We are planning to float a special purpose vehicle (SPV) for the project and are looking to raise around Rs 200 crore from a PE. The company is in talks with various funds including ILFS, Blackstone and to others,” said Jain.
The project will come near HIPL's Rs 450 crore Golden County project at Maraimalai Nagar, which consists of 28 blocks, with over 912 apartments of 3 BHK, each measuring an average of 1,600 sft and selling at Rs 2,750 per sft. The overall constructed area is 1.5 million sft.
HIPL has a tie-up with Mahindra and Mahindra to lease out 512 apartments in Phase I and II. In the process under Phase I, 100 houses will be handed over to the group for lease on rentals.
The owners who have invested in the houses would earn Rs 5.76 lakh equivalent to three years' advance rental instantly from the developer HIPL & Associates, the company said. Besides, HIPL is also planning a 100-room business hotel 'Oberon' at Maraimalai Nagar, and the proposed investment in the project would be around Rs 60 crore.