Real estate company Shriram Properties, promoted by Chennai-based Shriram Global Entropolis, will invest about Rs 1,400 crore over the next three years in a residential-cum commercial complex at Visakhapatnam.
The project is being developed on about 6.7 million sft and comprises 206 villas, 25-storied apartments, a shopping centre, star hotel, school, hospital, clubhouse, and swimming pools, V Sridharan, regional director, Shriram Properties Limited, told Business Standard.
While villas would take 2 years to complete, apartments and other projects will take three years, he said.
Global Entropolis has acquired 80 acres of land from the Visakhapatnam Urban Development Authority at Yendada village near here. Shriram Properties has a 75 per cent stake in the project.
Shriram Properties recently started the construction work. The project was delayed by one-and-a-half years because of delays in getting approvals from government departments, he said. Singapore-based Jurong Consultants is the architect for this project.