The foundation stone for the project was laid on November 27
Chennai-based Marg Ltd has entered the affordable housing segment by launching its Rs 100-crore project — Utsav. The project is coming up on 18.4 acres in Marg Swarnabhoomi, a special economic zone promoted by the company.
Located on the East Coast Road, Utsav would house 720 apartments of which 320 would be launched in Phase 1, said S Ramakrishnan, chief executive officer - real estate, Marg Ltd.
While the land and pre-operative cost is being funded through equity, the construction cost will be funded in a phased manner through customer advances, he added.
The project comprises two and three bedroom apartments priced between Rs 9 lakh and Rs 16 lakh.
The foundation stone for the project was laid on November 27 and the company expects to complete Phase 1 by June 2011.
He said the company was targeting customers in and around villages of Swarnabhoomi besides Kalpakkam and Puducherry.
