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The Chennai-based VGN Developers has tied up with a foreign private equity fund, Pragnya PE Fund to launch a residential project.
They have jointly floated VGN Pragnya Realty Pvt Ltd to develop a 5.6-acre residential project, VGN Hazel, near Poonamallee, a suburb about 25 km to the west of Chennai. Over 780 apartments distributed across six towers of 14-floors each will be built.
Priced around Rs 35-50 lakh an apartment, the project will offer one to three bedroom apartments.
The rate will be around Rs 3,000 a sq ft.
Pratish Devadoss, Managing Director, VGN Developers, said the tie up with the private equity player, who holds a 74 per cent stake in the joint venture, is a mark of VGN stepping up its scale of operations.
The project is located in the heart of a fast-growing residential belt and established industrial hub.
Pragnya Fund is a well established player in the real estate sector with a presence in eight projects in a number of cities.
The VGN joint venture is the second in the vicinity of Chennai.
T. Srinagesh, CEO, Pragnya Fund said it is associated with over 13 million sq ft of space of built up space in the pipeline.
It is keen on expanding its presence.
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