Hyderabad-based Indo-Isreal joint venture company Phoenix Hodu Developers Pvt Ltd is planning to commence real estate development projects in Chennai. It would launch its first project, a Rs 450-crore modern township project, in the fast-developing Old Mahabalipuram Road area soon.
The company would develop 18 villas, 50 attach villas, a club house and 2,500 apartment houses on an area of 4 million sft in 40 acres of land, and would target the upper and upper middle class customers. The estimated investment for the project is more than Rs 450 crore, said Uriel Kertesz, general manager, Phoenix Hodu Developers.
“The Chennai residential real estate market seems to be a 'waking up' market and we are interested to launch more projects and joint ventures here. But we are not into affordable home projects,” he said.
Phoenix Hodu is a strategic joint venture of the Hyderabad-based infrastructure developing firm Phoenix group and the Israel-based Hodu Ventures.
The project would be implemented in three to four phases. The first phase with villas, attached villas and a part of apartments will be completed in eight months. However, the delivery of apartments would be completed in a period of three years. The company has raised funds through banking firms for the project.
“The projects would be developed using different type of technology to provide high quality villas and apartments. The cost for our apartments in this project would be around Rs 3,000 per sft,” said Kertesz. It will officially announce the project in next three to four months.
The 50:50 joint venture firm of Phoenix group and Hodu Ventures was launched three years back.
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Phoenix Group is engaged in business include automobiles, properties and infrastrucure development for IT and related services, retail, residential enclaves, commercial complexes, townships, industrial parks and special economic zones. It has developed over 15 million sft and targets to add another 10 million sft developed area in the near future.
Hodu Ventures is a company set up by an international group of investors and an Israeli real estate developer Gindi Holdings. The company has its presence in 15 countries.