VPL plans Rs 50cr housing project

VPL Projects Private Limited will develop 'Green City', a Rs 50-crore housing project, at Tumglam village near the Vizag apparel export park.

VPL Project is a separate entity floated by some of the promoters of the Vizag Profiles group to develop the project.

"In phase I, the company will construct 85 duplex houses on 22 acres of land acquired near the village. The work on the first phase will begin this month," said Bhavineni Suresh, director, VPL Projects.

The company plans to construct a total of 145 units in three sizes "� 202 yards, 300 yards and 533 yards.

The cost of each unit would range between Rs 30 lakh and Rs 60 lakh.

The project will have common facilities like roads, water, a club house and a compound wall.

Apart from land, the promoters will invest Rs 1 crore as equity and borrow Rs 5 crore as loan under project finance from the State Bank of India.

With these funds, the company will start the construction works. It hopes to mobilise additional funds through bookings.

"We will complete the construction of 145 houses within 54 months from now. After completion of the project, we plan to acquire some more land adjacent to this project," VPL Projects director said.