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R. Ravikumar

Chennai, Jan. 16

Sabari Foundations Pvt Ltd, part of the Sabari Group, is planning to develop a residential complex – Serenity — near the Sipcot Industrial town in Siruseri.

According to Mr K.R.V. Ramani, Chairman of the Sabari Group, there will be 308 apartments of 2,362 sq. ft each built in 10 acres of land. Each apartment will have three air-conditioned bedrooms and a solar water heater.

The complex will also have facilities including swimming pool, ATM, convenient store and sewage treatment plant. The project cost is around Rs 180 crore.

On the funding for the project, Mr Ramani said the company is planning to rope in a financial institution to fund the project. “In fact, the talks are in advanced stages with a leading fund.”

Besides, the company also plans a 3-lakh sq. ft. commercial building at a cost of Rs 50 crore on Khader Nawaz Khan Road in Nungambakkam. It has acquired 3 acres for the purpose.

Earlier, the company developed and sold over 5-lakh sq. ft (worth Rs 130 crore) of residential apartments through a joint venture firm Visranthi Sabari.

The group is also into the hospitality sector through Sabari Inn Pvt Ltd. It currently has two four-star boutique hotels under its belt – 70-room Quality Inn Sabari (in T. Nagar) and 90-room Quality Hotel Sabari Classic on Old Mahabalipuram Road.

It also plans to expand its hospitality business with an intention to be a 15-hotel chain by 2011-12.

Recently, ICICI Prudential PMS Real Estate Securities Fund infused Rs 62-crore as equity capital into the company to fund its Rs 250-crore expansion project, phase I, where it will add five new properties in the next 18-20 months.

More Stories on : New Projects | Real Estate & Construction | Tamil Nadu

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