The Hindu Business Line : VGN Developers to launch mini townships

Chennai, Sept. 22 The Chennai-based VGN Developers Pvt Ltd plans to launch two mini-township projects in the city’s suburbs. The company is also planning to launch two projects targeting the low cost and affordable segments.

Addressing a press conference here on Monday, Mr Pratish Devadoss, Managing Director, VGN Developers, said the company would launch a 66-acre township in Ambattur tomorrow. The township in the industrial suburb to the west of Chennai will have over 10,000 residential units, apart from a hotel and school. The total built up area would be about 10 million sq ft.

The company plans to launch another township of spread over 40 acre at Vandalur, on NH 45, to the south of Chennai. The project is to be launched in about 18 months.

LOOKING AHEAD

VGN Developers has been in the business of plotted land sales and real estate development for over three decades. It has built up the land bank over this period and is now leveraging the asset which is today estimated at about Rs 6,000 crore. In the last few years, the company has developed a built up space of over 20 million sq ft and in the next five years expects to develop over 30 million sq ft on the land available with the company in the Chennai suburbs, Mr Pratish said.

The company also hopes to diversify into hospitality and retail segments, he said.

Among the other residential projects in the pipeline are a 32-acre project in Mogappair, a 22-acre project on Poonamallee High Road, and two low cost housing projects — one in Poonamallee about 30 km west of Chennai and one in Melpakkam on the Avadi-Poonmallee Road. The low cost houses would be pegged in the Rs 15-20 lakh range, he said.