The Hindu Business Line : VGN Enterprises looking at large residential projects

Chennai May 31 What does a 65-year-old real estate company that has maintained a low profile do when it finally realises it needs to show off to stand out in a crowded field - rope in Ms Mandira Bedi as a brand ambassador.

VGN Enterprises, a Chennai-based company that previously focussed on residential layout, is now looking at large residential projects. The company has a land bank of over 500 acres in and around Chennai and has plans to construct over 20,000 dwellings in the next three-four years.

The first of its high profile projects is La Parisienne, a French inspired residential complex spread over three acres with apartments ranging from 950 sq ft to 1,600 sq ft, 2- and 3- bedrooms in six blocks.

The facility, at Mogappair, in the western part of Chennai, comes with a courtyard of 19,200 sq ft with swimming pool, lawn, mini theatre and exercise facilities. Buyers will have to pay over Rs 3,100 a sq ftAccording to Mr V.N. Devadoss, Managing Director, VGN Enterprises, the plan is to implement 6-7 large projects in the city and the outskirts including Ambattur, GST Road, Avadi and Tambaram. The company, which has over 50 residential layouts to its credit, has now turned its attention to real estate development.

Mr D. Pratish, Director, VGN, said that over the next 18 months the company plans to promote 15 more layout projects of over two million sq ft and five residential projects with 4,000 residential layouts.

The company planned to enter the hospitality sector, details of which it was not prepared to reveal now.

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