Yuga Homes Ltd, a Chenna-based real estate development firm, announced the launch of its Rs 200-crore residential project, Alta Vida, located on Old Mahabalipuram Road (OMR) here. The company is planning to complete development of 1.6 million sft with a project cost of Rs 600 crore in next five years.
The first phase of Alta Vida, a 600-apartment project in an area of 600,000 sft, would be completed by the end of 2013.
It had entered into joint venture with Shataptri Estates Pvt Ltd to develop Alta Vida, said R Viswanathan, president, Yuga Homes Ltd.
The company has assigned Chennai-based construction company Consolidated Construction Consortium Ltd (CCCL) for the development activities, while the promoters of CCCL also have a stake in the residential development firm, according to company executives.
“We have two residential projects under development and another two in the pipeline, comprising a total of 1.6 million sft. With the completion of these projects, we will have a total built-up area of 1.85 million sft in the next three to five years,” said Viswanathan.