Chennai based real-estate promoter Casa Grande Private Ltd (CGPL) finds the villa-apartment combination a sure fire winner and a model that ensures an optimum price balance benefiting all stakeholders, according to D.Senthil Kumar, Managing Director-Coimbatore Operations, CGPL.

The company, which is a strong player in the villa development in Chennai is making an entry into Coimbatore market and will also launch a project in Bangalore in the course of this year.

Speaking to Business Line here on Wednesday on the sidelines of the launch of the Coimbatore project, he said the spiralling cost of land has made the land cost almost 40-50 per cent of a project cost. In a villa, the FSI achieved was up to 0.7 whereas in an apartment, this could go up to 1.5-2 based on location.

He said villas were always priced about Rs 1,500/sq ft more than the apartments. He said by offering a combination of villas-apartments in a project, the developer was able to ensure a fair deal to all the stakeholders — land owners, developers and the buyers.

Senthil Kumar said there were enough land parcels within the Coimbatore Corporation limits and local buyers preferred to have individual homes as they were fond of owning land. He said while there was an ‘over supply of apartments’ in the city, there was limited offering of villas, fuelling demand.

Referring to the Casa Grande’s Kalapatti project just being launched, he said it would have 79 luxury villas and 32 apartments. The villas in 1,650-2,700 sq ft area on a land area of 1,500-2,400 sq ft would carry a price tag of Rs 67 lakh to Rs 1.2 crore. The apartments of about 674 sq ft would cost upwards of Rs 21 lakh.

The total project cost would be about Rs 75 crore and it would offer all high-end amenities such as club house, swimming pool, gym etc and is scheduled for completion by December 2014.

M. Arun Kumar, Managing Director, Casa Grande Private Ltd, Chennai, said his company has emerged as the ‘largest villa developer’ in Chennai and would aim to replicate its success in Coimbatore. He said the company aimed at achieving a turnover of Rs 1,000 crore by 2016, of which he expected the share of Coimbatore to be about Rs 100 crore. The company has also entered areas such as interior decoration and facilities management.

Related Topics
comment COMMENT NOW