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Our Bureau

Hyderabad June 11 Lanco Horizon Properties, a venture of the Hyderabad-based Lanco Group, has entered into a joint development agreement for a Rs 600-crore integrated township project in Chennai.

The project will come up on 47.58 acres located near SIPCOT Industrial Estate, Siruseri on the Old Mahabalipuram Road.

This property would be developed as an integrated township consisting of residential towers, shopping space and service apartments, with a built-up area of four million sq ft. The project is estimated to be completed within 36 months from the date of plan approvals.

It would be the second largest real estate property development initiative undertaken by the Group. The maiden initiative envisages the development of 100 acres at the Lanco Hills Technology Park located at Manikonda in Hyderabad, which would have a total built-up area of 30 million sq ft.

In a statement, the Group Chairman, Mr L. Madhusudhan Rao, said: "The joint development model being adopted for the Chennai property is distinct from the ownership route adopted in Hyderabad."

The Group is engaged in power generation, power trading, realty, engineering and construction, IT and manufacturing.

Its construction and EPC division is executing various orders worth more than Rs 5,000 crore, the statement added.

More Stories on : Real Estate & Construction | Tamil Nadu

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