The Hindu Business Line : Kalpathi Properties ties up with Bala Vidya Mandir

Kalpathi Properties, the real-estate arm of SSI Ltd, has tied up with city-based school Bala Vidya Mandir to set up a primary and high school in the 5,000-apartment township coming up on the erstwhile Binny Mills property in Perambur, North Chennai.

A memorandum of understanding was signed between Kalpathi Properties and Bala Vidya Mandir (Gandhinagar, Adyar). Kalpathi Properties will provide the land and other infrastructure for the school on a nominal long-term lease.

The student strength will be around 1,500, with preferential admission for residents of the township. The school will add one new class each year (from Class VI onwards) to take it up to Class 12 in seven years. Classes will commence in the academic year 2008-09. The school will be affiliated to the Central Board of Secondary Education.

According to a press release, the sale of Phase one comprising 500 apartments is expected to start shortly.

On the choice of North Chennai for its school expansion, Mr Ramana Prasad, Secretary, Bala Vidya Mandir, said, "We are seeing a lot of positive development in North Chennai. This being Chennai's biggest residential township, we expect to have a captive student base from within the township."

Mr Kalpathi Suresh, Chairman and CEO, SSI Ltd, said, "The presence of a reputed school, such as Bala Vidya Mandir, will ensure that the kids in the township have easy access to high quality education."

Kalpathi Properties' Perambur Township comprises two developments (50 acres and 20 acres respectively) on either side of the nullah. The 5,000 residential apartments would be built at an outlay of about Rs 1,200 crore. A hospital, multiplex, temple and three-star hotel are also planned within the township. The master planning will be by a Chicago-based architect.

The Perambur Township is expected to be part of SSI Ltd on completion of the merger proceedings that are at an advanced stage.

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