The Hindu Business Line : MetroCorp, Jurong tie up for township project in Coimbatore

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MetroCorp, Jurong tie up for township project in Coimbatore

Our Bureau

At an estimated investment of Rs 500 cr over 3-4 years

Coimbatore , Sept. 28

The Bangalore-based MetroCorp Housing Corporation has teamed up with the Singapore-based Jurong International Group to establish a large integrated township project in Coimbatore at an estimated investment of Rs 500 crore spread over a period of three-four years.

The other tier II cities in Tamil Nadu such as Salem, Tiruchi and Madurai are also on the radar of the group for housing projects.

Speaking to newspersons in Coimbatore, Mr Rao Munukutla, CEO, Jurong India, and Mr Deepak Krishnappa, Chairman and CEO, MetroCorp Housing Corporation, said the `self-sufficient, premium and integrated township' spread over an area of 40 acres would have features such as multi-cuisine restaurant, conference/meeting hall, gym and fitness centre, swimming pool, shopping mall and school, hospital, apart from IT parks. It is being established along the Sundakamuthur road on the south-western part of the city.

In the first phase, nearly 300 apartments ranging from 685 sq ft to 1400 sq ft in size would be constructed and would be priced approximately Rs 13 lakh to Rs 18 lakh. The total investment in the real estate part of the Coimbatore project was Rs 500 crore, and when completed, the township would consist of about 2,000 units, much of which would be two and three bedroom apartments, though there would be single bedroom apartments also.

Integrated township

Mr Deepak Krishnappa said the investment of Rs 500 crore did not include the investment of IT and other companies. When asked whether the provision of so many facilities such as swimming pool, gym, club house, shopping mall and hospital in the township would not add to the maintenance cost that would have to be shared by the residents, he said the rate quoted by the company for the apartments was substantially lower than the prevailing rate in the area and it was `literally value for money'. As for facilities such as hospital and club, the residents would pay when they use them.

Aimed at knowledge sector

Replying to a question as to whether the project was targeted at IT and ITES sector employees, he said predominantly the project was aimed at the knowledge sector but he reckoned that there was latent demand from other sectors such as business people who would like to live in gated community. . The group was also looking at projects like SEZs in Coimbatore area but as of now, the focus was on the integrated township project.

Mr Krishnappa said Salem, Tiruchi and Madurai were the cities the group was looking at apart from Chennai.

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