Firm plans service apartments in pilgrim centres

Sudhir Gopi Holdings (SGH), a player in the field of higher education, has forayed into real estate with significant investment plans across South India and West Asia.

Sudhir Gopi Developers Private Limited (SGDPL), the real estate arm of SGH, announced the launch of its debut project 'Vaikundam Retreat' at Guruvayoor, near Thrissur on Monday.

Sudhir Gopi, chairman and managing director of the group, said SGDPL would build homes for Indian expatriates in India and West Asia. The group is planning to build a chain of service apartments in key locations across South India and is targeting a turnover of Rs 500 crore in three years from India.

The Vaikundam Retreat will be an 11-storied fully air-conditioned and furnished apartment. The project is located five minutes from the Guruvayoor temple. A traditional attukattil (swing cot) and charukasera (easy chair) will be provided in each living room besides facilities like star category restaurant, entrance lobby, recreation area, banquet hall, indoor swimming pool, health club, and rain water harvesting. The retreat will have 76 apartments and each apartment will cost Rs 16-17 lakh. It will be complete by April 2009, he said.

The company is considering similar projects in other pilgrim centres including Palani and Velankanni, in Tamil Nadu, and Tirupati and Puttaparthi in Andhra Pradesh. SGDPL's second project in Kerala would be in Kochi, while the third would come up in Pathanamthitta district. It will also be coming out with projects at Thrissur and Thiruvanthapuram, all targeting non-resident Indians.

The company is also launching its realty venture, 'Little India', in the UAE for the expatriate Indian community. Apart from small residential units, the township will have Indian colleges, schools, outlets and cinema halls.

The company is planning to build 1,000 freehold apartments as part of the project, which would enable Indian families to invest in their own residential freehold property. The freehold properties owners in UAE are eligible for resident visas also as long as they own the property.