The Hindu Business Line : Dewa group enters Kerala with Rs 3,000-cr luxury housing project

Kochi, April 25 Dewa group, a real estate and infrastructure company, is set to change the real estate space in Kerala by setting up the country’s first apartment complex with a 10-year warranty.

The group, promoted by Kuwait-based entrepreneur Mr K.Venugopalan Nair, is setting up a Rs 3,000-crore venture in Kochi’s Marine Drive. Addressing a press conference here, Mr Nair said that the project would be implemented in three phases with the first phase setting up a 400 apartment complex surrounded by 4 acres of landscaped gardens.

The first phase will be completed in March 31, 2011 with an investment of Rs 1,500 crore, he said. He excepts the entire project to be completed by 2015. The company, with an integrated development plan, has already acquired 22.38 acres in Kochi.

Setting standards

The baseline price of an apartment is approximately Rs 3.25 crore for a 3-bed room apartment of 3,000 sq ft. The project named Dewa Royale will be spread across 6 acres and it is going to set new benchmarks for residential space creation in terms of quality of construction and construction materials, he claimed.

He pointed out that the project brings the best brands in homemaking to India. Kitchens are provided by Scavolini of Italy, while sanitary and bathroom fittings by Villeroy and Boch of Germany.

German brand Comtur handles doors. Paints are from Oikos of Italy. CPG of Singapore are the master planners of the project. Landscaping is by Guy Stuart and Associates of Australia and X-design from Canada handles interior space management.

Kochi is the most promising and energising market in the whole country and there is still a shortage of residential space in the luxury sector compared to other regular sectors, Mr Nair said. The clientele is to include NRIs and high net worth individuals.

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