IVR Hotels & Resorts, a special purpose vehicle formed by IVRCL Assets & Holdings Ltd, would to promote a Rs 5,000-crore township project at Sriperumbudur, near here.
E Sunil Reddy, group vice chairman, IVRCL Assets and Holdings, said the proposed township project would spread over in 700 acre.
The project will be executed in phases over the next five years and cost Rs 4,500-5,000 crore, said Reddy. Kotak Realty Fund will be a 28 per cent investor in this integrated township, called ‘Aavisa’, he added.
Of the total area, 410 acres would be reserved for residential, 40 acre for social amenities, 160 acre for golf course and golf club, 20 acre for retail, 18 acre for hotel and 52 acre for commercial purposes, Reddy said. As part of Phase I development, a villa project called ‘Samten’ would be developed with an investment of around Rs 270 crore, he added.
The villa project would range from 2,853 sft to 5,400 sft and have 102 individual houses. The price for units in the township would range from Rs 30 lakh to Rs 2.5 crore, he said.
