Landmark Construction, a Chennai-based real estate developer, has launched a high-end luxury apartment project at an estimated project cost of Rs 261 crore, in the city. It has 20 projects in the pipeline, including six ongoing projects, and expects the turnover to grow from current Rs 95 crore to around Rs 400 crore in next two years.
The luxury apartment project named Vertica, on Peters Road in Chennai, would have 82 units.
"We have got all the approvals for the 72-meter high building. The premium project is priced at Rs 14,000 per sft. The project duration is 30 months from today," said T Udayakumar, managing director, Landmark Construction.
The company has tied up with Kotak Mahindra Bank to facilitate 50 per cent of the investment into the development of Vertica, while the rest of the investment would be from internal accruals and sales revenue. The company would invest Rs 150-200 crore in next two years for the projects under pipeline.
The projects in the pipeline includes a 400-unit apartment block in the affordable home segment in Chrompet and a 550-unit block on Poonamallee Road, in Chennai. It would also develop a 28-villa project in Pallavakkam, on the outskirts of the city.
Since its inception in 2000, the company has developed total area of 550,000 sft through 20 projects. It has six ongoing projects and 14 new projects in the pipeline signed for construction. We have so far provided homes to 463 families and plans to provide homes to another 800 families in next two years. With this, we will become a Rs 400 crore company in next two years, he added.
