Ventures into affordable housing.
City-based real estate developer Vijay Shanthi Builders is planning to invest over Rs 1,500 crore in various residential projects in and around Chennai over the next two years.
Speaking to Business Standard, Chandan Jain, joint managing director, Vijay Shanthi Builders, said the company was promoting both high-end villas and affordable housing projects in Chennai and Salem.
The total cost of these projects is around Rs 1,595 crore and will be funded through internal accruals. The company has a land bank of around 500 acres, said Jain.
In Chennai, the company’s proposed projects in Aynavaram, Adyar and Kellis will need an investment of around Rs 80 crore.
The investment in Nugambakkam and Besant Nagar projects would be around Rs 140 crore and Rs 170 crore respectively.
Jain said the company was developing 100 villas in Salem and these would be completed in the next 36 months. The total investment in this project is around Rs 125 crore.
The company recently entered the affordable housing segment with the launch of ‘Lotus Pond’, a Rs 300crore project at Thaiyar near Chennai. Spread across 11 acres, the project will have 1,200 units with single, two and three bedroom apartments between 400 sft and 1,157 sft. Over one million sft area project will be completed in the next 21 months, said Jain.
Other affordable projects will come up in Ambattur with an investment of around Rs 350 crore, near Sripermbudur for around Rs 150 crore and at Kelambakkam with an investment of Rs 280 crore.
