Vijay Shanthi plans township in Pallavaram

Vijay Shanthi Builders will be promoting a residential township of 2,500 apartments in a 40-acre property in Pallavaram, a Chennai suburb, with an investment of Rs 200 crore.

Naresh Jain, executive director, Vijay Shanthi Builders Ltd, told Business Standard, "We have already acquired 21 acres of land and the remaining 19 acres is in the process of registration."

The application for approval will be submitted to the Chennai Metropolitan Development Authority next month and we will probably start our largest project by November or December, he added.

Jain said that the project will be funded solely by internal accruals. "We are in the process of roping in a Singapore-based architect. The township will be a self-contained project with a hospital, shopping malls, retail outlets, playgrounds and an entertainment arena," he remarked.

The proposed township is close to Vijayanagar and the Meenabakkam Airport. The price of real estate in Vijayanagar and Velachery is 40 per cent more than that of Pallavaram at about Rs 2,000 to Rs 2,400 a sq ft. The price per sq ft is Rs 900 in Pallavaram, he said. The distance between Vijayanagar and Pallavaram is around eight kilometres.

Vijay Shanthi Builders Ltd clocked a turnover of Rs 38 crore for the financial year ending March 31, 2005. The company has built 70 residential projects in the last two decades. The ongoing projects are in Nungambakkam, Egmore, Sembium and Seliyur.