Financial Daily from THE HINDU group of publications
Thursday, Oct 16, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 16, 2003 |
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Industry & Economy
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Real Estate & Construction Prestige group launches new township project Our Bureau
Bangalore , Oct. 15 BANGALORE-BASED property development major, Prestige Group, on Wednesday launched one of its biggest township projects — `Prestige Ozone' which will come up on initially 35 acres near ITPL here at an investment of Rs 200 crore, Mr Irfan Razack, group MD, told at a news conference. The Ozone will be completed in two years and will have 211 elegant, independent villas. It will have 27 per cent of the area built up and leave 22 acres of open space replete with landscape and streams. The estate will include a clubhouse, gym, swimming pool, health clubs, tennis, badminton and squash courts, library along with ATM facilities and a shopping mall. According to Mr Razack, ``Prestige Ozone is one of our most innovative concepts in the recent past.'' Prestige will be offering five types of villas ranging of 3 and 4 bedrooms of areas 2,040-3500 sq ft. Each residential unit is priced in the range of Rs 38-75 lakh and the group has tied up with all major housing finance companies. Mr Razack said 11 more acres might be added to the project in the second phase. A low-rise village mall is being planned in the same area. Promoted in 1985, the Rs 250-crore Prestige group has completed 110-odd projects spread almost equally between residential and commercial types. IT was the first property developer to receive CRISIL's DA1- or excellent rating in its category. The group is also developing United Breweries' real estate venture, UB City, here over the next two years. Its Forum Mall, an entertainment-cum-retail complex in the city, includes 11 theatre multiplexes with food, bowling and shopping facilities. Prestige has also developed the Angsana Oasis Spa at Bangalore. The group is now looking at opportunities for expanding to Chennai and Hyderabad, he said.
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