The Hindu Business Line : Hirco investing Rs 1,066 cr in Chennai township

City plans
250-acre township project scheduled to start in mid-April.
90% will be residential and balance retail; to include schools, hospitals.
Work on another 110-acre township project to start later this month.

Chennai April 4 Hirco PLC, an LSE-listed real estate investment company, promoted by the Mumbai-based Hiranandanis, plans to start the first of its projects in India with an integrated township and IT/ITES special economic zone near Chennai.

Hirco, listed on the London Stock Exchange's AIM, was formed in 2006 to co-invest in large-scale mixed-use township development in suburban areas in India.

The Mumbai-based Hiranandani Realtors Pvt Ltd expects to start work on another township project on the Old Mahabalipuram Road on April 14.

Hirco PLC has acquired about 640 acres to the southwest of Chennai, on the road linking Singaperumal Koil to Sriperumbudur, about 8 km off GST Road near Oragadam. The township — Chennai Palace Gardens — with a built-up space of 19.1 million sq ft, 90 per cent of which will be residential and the balance earmarked for retail, will be spread over 250 acres.

Information available on Hirco's Web site says the company is investing over £125.7 million (Rs 1,066 crore) on developing this property. Hirco Developers Pvt Ltd will handle the Indian operations. The company has as of now invested a third of the Rs 3,225 crore it raised through an issue in December on the LSE-AIM market.

Project agenda

According to sources in the know, the company hopes to start work on the township project in mid-April by when it hopes to get the necessary clearances.

The master plan for the project is by the US-based HOK Planning Group, and the architects Hafeez Contractors. Eskay Designs has been appointed the local architect. Larsen & Toubro, Mumbai, has been roped in as contractors.

The township, to come up in four phases, will start with the first spread over 48 acres consisting of residential and commercial space of over 3.5 million sq ft. The facility will be an integrated township with schools and hospitals.

Rates

Presale marketing for the properties started last week with prices in the range of Rs 2,500 a sq ft with a floor raise of Rs 10 — buyers pay Rs 10 more a sq ft for each higher floor. The company expects to start handing over the apartments in three and a half years. The built-up space will be spread over 33 structures — 12 of them stilt + 15 floors and 11 of ground + 3 floors. Apartment size range from 787 sq ft with a single bedroom to 2,726 sq ft with four bedrooms, sources said.

SEZ approval

The company has earmarked over 108 acres for an IT and ITES special economic zone. The State Government has given its approval and the company is awaiting the Centre's approval under the new SEZ policy.

Work on a 110-acre township project at Navalur is expected to start later this month. It would have over 4,000 dwelling units and a built-up space of about 10 million sq ft. This project has received the environmental clearance by the Ministry of Environment and Forests.

The Hiranandani group is a diversified group with a presence in hospitals, hotels, schools and entertainment complexes. It has developed space of over 100 million sq ft and has about 10,000 acres of land under development with focus on mixed-use townships.

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

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page