The Hindu Business Line : Olympia plans Rs 700-cr residential project at Navalur

Chennai, March 16 The Chennai-based Khivraj Group, among the promoters of the Olympia Group, has announced Olympia’s first residential project near Chennai.

The Rs 700-crore project, Olympia Opaline, coming up at Navalur on Old Mahabalipuram Road, is the first of a handful of projects planned by the Olympia Group. The other promoters of the Olympia Group, which set up the 1.8-million sq ft Olympia Technology Park, include the Space Group, MK Group and the Dhoot Group.

Second project

Mr Ajit Chordia, Managing Director of Khivraj Tech Park, said that the group is planning a second project spread over 30 acres at Egattur, close to Navalur. While commercial space, especially IT space supply is in abundance in the pipeline, residential space along the road is yet to catch up. This was a gap that needed to be filled, he said.

Apart from these two premium projects, the group is also planning a ‘sub-Rs 20 lakh apartment project’ and a premium residential project near Sriperumbudur. In addition, it intends to undertake a project to cater to the engineering and IT hardware industries near Sriperumbudur.

Olympia Opaline

Spread over 18 acres, with eights towers of 20 floors each plus a basement, with 114 apartments in each tower, the residences would be priced at Rs 3,400 sq ft at the launch. The apartments are scheduled for delivery in 2011. The group plans to acquire 20 acres more in the vicinity, he said.

A unique feature of this project would be the 19 penthouses of over 6,500 sq ft each with their exclusive swimming pools, over 60,000 sq ft of recreational space, club hotels, and indoor and outdoor sports facilities.

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