The Hindu Business Line : Puravankara plans big projects in Chennai

HOUSING PROJECT: Mr Girish Purvankara (right), Deputy Managing Director, Purvankara Projects Ltd, and Mr Ashish Purvankara, Director, at a press conference in Chennai on Tuesday. — Bijoy Ghosh

Chennai April 10 Puravankara Projects Ltd, which announced the launch of a residential project here, plans to invest over Rs 1,000 crore in real estate development here in the next three years.

Mr Girish Puravankara, Deputy Managing Director, Puravankara Projects Ltd, told newspersons here on Tuesday that construction on the residential project coming up on the IT corridor would start in May.

The project, Purva Swan Lake coming up at Kelambakkam on the Old Mahabalipuram Road, will be spread over 11 acres with 700 apartments of 1,250 sq ft to 1,750 sq ft. Prices start from Rs 50 lakh and owners will have amenities such as indoor and outdoor sports facilities, supermarket and club house.

The company will also soon start work on two information technology parks at Thoraipakkam and Guindy in the southern part of the city, and a residential project in Valsarawakkam in the southwest. These would be part of 15-20 projects in Chennai in the next three years involving additional investments of over Rs 1,000 crore. The company has invested over Rs 500 crore in the projects it has announced here, Mr Girish said.

According to a press release, Puravankara is also considering entering the hospitality sector with a 350-bedroom super deluxe hotel. The project is likely to come up in Bangalore, but it is in the early stages and the details are being finalised, Mr Girish said.

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