The Hindu Business Line : Pegasus Realty plans Rs 400-cr housing project in Chennai

Growth plans
In Hyderabad, the company is looking at both commercial and residential buildings in the same area.
In Coimbatore, the company is waiting for a response and would prefer to start with small projects.

Coimbatore , July 19

The Dubai- based Pegasus Realty is planning a 400-apartment residential complex in the IT heartland in Chennai at an investment of Rs 400 crore, work on which will commence by the end of this year.

The company has identified Coimbatore and Hyderabad as the two other cities in the South where it plans to invest in real estate, for which it has earmarked Rs 700 crore, according to Mr Imtiaz Panjwani, Chairman.

Speaking to newspersons in Coimbatore today, he said that the company's project in Chennai was coming up on the Old Mahabalipuram Road.

The residential complex would have apartments of 1,500-1,800 sq ft size; completely equipped apartments would cost Rs 70 lakh to Rs 1 crore, depending on customer specifications.

In view of the hassles involved in land acquisition, Mr Panjwani is looking to partner with persons with land; his company would add value through design expertise, exposure to internationally known architects, procurement of raw materials from the best sources, etc.

The company would bring the working capital and would work with joint venture partners who are either real estate developers or landowners.

Mr Panjwani said that his company was also looking at Hyderabad, particularly the high-tech city area, for investment. The company has identified land and due diligence by Ernst & Young is on.

In Hyderabad, the company is looking at both commercial and residential buildings in the same area.

In Coimbatore, the company is waiting for a response. He said that he was not looking for very large projects but would prefer to start with small projects.

Pegasus is also looking at establishing a golf course in Chennai for which it would need 250-300 acres.

Mr Panjwani said that money would not be a constraint and additional resources could be raised for investment in India depending on the need.

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