The Hindu Business Line : Vascon Engineers, Pricol Property in joint venture

Corporate - Alliances & Joint Ventures
Industry & Economy - Real Estate & Construction
States - Tamil Nadu
Vascon Engineers, Pricol Property in joint venture

Our Bureau

Coimbatore, Sept. 4

Pune-based Vascon Engineers Ltd (Vascon) has joined hands with Coimbatore-based Pricol Property Development Ltd to promote a joint venture styled Vascon Pricol Infrastructures Ltd to take up a premium hotel project and a residential-cum-commercial project here at a total investment of about Rs 600 crore-Rs 700 crore.

While hotel would be built on Avanashi road close to the Coimbatore airport, the residential project would come up at Neelambur.

Though the two partners have agreed to initially promote the projects to come up at Coimbatore, they do not rule out the possibility of extending their business venture to other cities in Tamil Nadu, and to Kerala and Andhra Pradesh.

Upcoming projects

Speaking to newsmen in Coimbatore, Mr R.Vasudevan, Managing Director of Vascon, said the hotel is being positioned in the four-star category and would have 150 rooms. The outlay for the project is about Rs 80 crore to Rs 90 crore.

The Neelambur residential-cum-commercial project would have a built up area of about 2.5 million sq.ft. and would include IT and commercial buildings, apartments, independent and row houses, motel-cum-club and service apartments, shopping mall, school, health care centre, etc. to be constructed in three phases over a three-four year period.

The project is being established on a 30-acre site and would involve an investment of about Rs 500-Rs 600 crore, making it one of the single largest investment in a real estate venture in the city.

He said more projects were in the pipeline and would be announced once the details were firmed up.

Meanwhile, Mr Vikram Mohan, Director, Pricol Property Development Ltd, said his company, independent of the joint venture, is executing six projects in and around Coimbatore at a total investment of about Rs 300 crore and this company would continue its independent existence.