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Chennai, March 21

The Rs 600-crore Ozone Group, a Bangalore-based property developer, has acquired 43 acres of land in the city. The Rs 300-crore deal is to develop an integrated township with over 2,000 apartments, an IT park and a shopping mall comprising totally about 5.5 million sq ft of built up space. The project cost has been tentatively put at Rs 1,500 crore.

According to a press release, the deal is backed by HDFC and Reliance. Mr S. Vasudevan, Managing Director, Ozone Group, said, "We are entering Chennai at an appropriate time when the city's landscape is witnessing rapid growth and expansion. The IT park inside the township will be over one million sq ft and the shopping space will also be about the same size. The township will have land coverage of about 23 per cent and will have water features and large open parks of more than 33 acres.''

(This article was published in the Business Line print edition dated March 22, 2006)
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