BangaloreFeb. 15Presaging the potential of Hosur, the industrial town in Tamil Nadu abutting Bangalore, as a magnet for rapid development, a leading real estate company from Bangalore is promoting gated villa houses at a cost of Rs 30 crore.
Announcing the project here at a press conference, Mr M.A. Vakil, Chairman and Managing Director of Vakil Housing Development Corporation (VHDC), said Vakil Hosur Hills spread over 28.5 acres will have about 300 dwelling units in plots ranging from 1,055 sq ft to 3,300 sq ft.
Targeting professionals working in nearby areas, particularly in the Electronics City here, and the staff of leading companies such as TVS, Titan and Ashok Leyland, the new project will have self-contained modern facilities. Mr Vakil also said that as the cost of acquisition is reasonable in Hosur, which is yet untouched by the price boom in neighbouring Bangalore, Hosur Hills would be an attractive investment proposition for people seeking an open green area at a modest price.
The place is located about 4 km off the National Highway connecting Karnataka and Tamil Nadu.
Mr Vakil said the Bangalore-Hosur section could become like Delhi-Noida or the Dubai-Sharjah region where people live in areas nearer to their workplaces.
VHDC has built 8.8 million sq ft space in and around Bangalore. While the company would invest in the new projects through internal resources and debt, it also has plans for an Initial Public Offering. Mr Vakil said no time frame has been decided for the IPO.