Pelican group, a Chennai-based real estate company, would invest Rs 470 crore over the next three years in various residential projects, and has raised Rs 20 crore from Milestone Capital Advisors Ltd, a private equity firm.
K V Prakash, managing director, Pelican Realty Ventures Pvt Ltd, told Business Standard that the company was setting up a township on the Puducherry-Cuddalore road. The project will be spread over 60 acres and have 450 units of the affordable category and 400 independent villas for senior citizens, apart from 200,000 sft for commercial projects.
Total investment in the project would be around Rs 275 crore, he said. The company also acquired 40 acre in Madurai to develop a Nano housing project, where the houses will be spread over in 500 sft.