The Hindu Business Line : Marg to deliver 330 flats in July

Chennai, May 6 Marg Ltd, whose subsidiary, New Chennai Township Pvt Ltd, is developing a mini-city 75 km south of Chennai, says it will deliver the first set of 330 apartments in July.

Construction is nearing completion in the first phase and most of the houses have been sold, Marg’s Chairman and Managing Director, Mr G.R.K. Reddy, said at a press conference here today. In the second phase, the ‘Marg Swarnabhoomi’ project will deliver the second set of 360 apartments by December, he said.

Marg is selling these apartments at an “affordable price” of around Rs 1,600 a sq ft, he said.

The 633-acre Marg Swarnabhoomi is designed to be a city containing both residential and commercial blocks. New Chennai Township Pvt Ltd is developing two Special Economic Zones as part of the project.

One of them is for manufacturing (light engineering) and the other, services. Mr Reddy said that 14 companies have agreed to buy space in the SEZs. He could not name them, being bound by confidentiality agreements.

As part of the township, New Chennai Township is also developing the ‘social ecosystem’. BVM Global is putting up a residential school and medical facilities and shopping malls and the like are coming. Today, one more element of the ecosystem was announced.

New Chennai Township has partnered with Guitarist Prasanna to bring in a ‘Swarnabhoomi Academy of Music’. The college will open in July 2010 and offer, to start with, a one-year diploma in music.

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