Pune-based Vascon Engineers plans to invest Rs 2,000-crore to develop a 105-acre township in Chennai over six-years, a top company official said today.
"We plan to develop a 105-acre township, predominantly residential, at Oragadam on the outskirts of Chennai in four phases. In all, we will develop around 10-million sq ft," Vascon Engineers' Managing Director R Vasudevan told PTI.
The project will be developed in a joint venture with Balakh Realtors and the association will be on revenue-sharing basis, Vasudevan said.
"They bring in land and equity and we will do the development," he said.
Construction will start in a year's time and Phase I of the project will be completed in two-and-a-half years, he said, adding the entire project would be completed in six-years.
Funding will be through internal accruals, project collections and some debt, he said.
"We expect to realise around Rs 3,500-crore in sales from this project," he said. This is the Pune-based company's second real estate project in Tamil Nadu, the first being Tulips in Coimbatore where Phase I work is on "in full swing", he said.
