Coimbatore-based Lakshmi Machine Works (LMW) has forayed into real estate sector by joining hands with Bangalore-based Sobha Developers Limited. The partners are coming out with a residential project in Coimbatore.
The project is coming up in LMW's four acre land in Coimbatore. To develop this project a Joint Development Agreement with Sobha has been signed for the design, development and construction of residential apartments.
The 236 apartment project is expected to be completed during the financial year 2015-16. A three bed room flat would cost around Rs 1 crore, making it a premium-end project.
Lakshmi Machine Works is one of the India's largest textile machinery and CNC manufacturers.
LMW is the second largest Group from this engineering town to diversify into real estate. Earlier, Pricol another Coimbatore ancillary manufacturer entered into residential space by joining hands with Pune-based Vascon Engineers.
