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Arun Kumar, founder and managing director, Casa Grande, said that a special purpose vehicle (SPV) was floated for this purpose. Of the total cost, 70 per cent will come from ECL Finance.
"The Manapakkam property is one of the key acquisitions for the company as this will give a significant exposure into the zone. The proposed project will be a landmark in the geography with state of art designs and luxuries," he said.
The project will encompass 288 apartments and 13 villas with amenities like the club house, swimming pool, gymnasium, multipurpose hall, etc with a total built up area of 4 lakh sq ft. Strategically located within the city and near airport, IT Parks and hospitals the project will have apartments ranging from 600 sq.ft - 2100 sq.ft and the villas with 2500 sq.ft.
The apartments are proposed to be attractively priced from Rs 31 lakh onwards and villas from Rs 1.8 crore onwards.
Casa Grande Private Limited is a Chennai-based real estate enterprise started in 2004 and developed around 3 million Sq.ft that it has developed and sold till date. In the next three years the company is planning to develop around three million sq.ft of residential space. In the past the company has raised money from Motilal Oswal, Avenue Ventures Real estate Fund and others.
In 2014-15, the company has clocked a turnover of around Rs 400 crore as compared to around Rs 200 crore in 2013-14 and for the current fiscal it has set a target of Rs 800 crore, said Kumar.
