Chennai-based real estate firm Prince Foundation announced the launch of a new residential project with an outlay of Rs 300 crore in the city with approximately 150 apartments.
The multi-storied luxury residential project would be spread over an area of 300,000 sft on Poonamallee high road here, utilising internal accruals and debt to fund the project.
It has started the process of acquisition almost two acres of land including that of Hotel Dasaprakash, for Rs 165 crore following a direction from the Division Bench of the Madras High Court to transfer the property to Prince Foundation, said Ashwin Kumar Kamdar, its chairman and managing director.
It is currently developing 1.88 million sft spread across three projects, of which two are residential projects namely Prince Village at Tondiarpet and Prince Residenzia, at Sriperumbudur. The third project, an IT park namely Prince Infocity II on 4.35 acres is also in the pipeline.
"We have developed around 2.5 million sft in the last six years and almost four projects are in the pipeline. The total investment expected for the upcoming projects will be around Rs 500 crore," said Kamdar.
This includes three residential projects on the Old Mahabalipuram road and one near Porur.
The company, incorporated in February 2004, has so far completed information technology parks including Prince Infocity, Prince Infopark and Prince Techno Park.