Featherlite Developers, part of 45-year-old Featherlite group, would invest around Rs 510 crore in residential and commercial projects at Chennai and Bangalore.
Raju Gupta, chief executive officer, Featherlite Developers, said that the company had launched its flagship residential project ‘Vaikuntam’ on GST Road in Chennai. Total outlay of the project is around Rs100 crore.
Vaikuntam is a residential apartment complex spread over 7.5 acres and would house 500 apartments. The apartments will be built in three phases. The Phase I would consist of 84 apartments of one-, two- and three-BHK which would be ready for handover by September 2011. The price would range from Rs 20 lakh to Rs30 lakh, Gupta said.
The company is also planning a residential project on the Old Mahabalipuram road or IT Corridor with an outlay of Rs 110 crore. It would be a 330-unit apartment project, with prices ranging from Rs 42 lakh to Rs 50 lakh, said Gupta. The project is expected to commence in January 2011 and would be completed in two years.
On the commercial front, the company is investing around Rs 300 crore in Bangalore in setting up two commercial projects that will spread over in 120,000 sft and 240,000 sft. The project is expected to commence during the first quarter of 2011.
Gupta said once these projects are completed, the company would expect a turnover of Rs 500 crore by 2015, from the current Rs 200 crore. All the above projects would be funded through debt and internal accurals, he said.
Asked whether the company would look at any third party funding like private equity, Gupta said it would be decided during the next financial year.
