Puravanaka to set up 300 crore residential project in Chennai
The Economic Times - 11/4/2007

Banaglore based realtor Puravankara Projects Ltd has announced their plan to promote a 300 Cr standalone project in Chennai’s IT corridor. It is also in the process of creating a land bank for promoting large residential townships around the city. Puravankara’s first residential project in OMR Chennai’s IT corridor named Purva Swanlake will offer over 600 apartments of 2 and three bedrooms. It has acquired about 10.6 acres in Kelambakkam in the IT corridor for the project.

The 1250 to 1750sft apartment will be priced around Rs 3490 onwards per sft. We always create a theme around our project with water being the theme around this project. The construction will start soon and the project will be completed in phases to about 36 months” Mr.Girish Puravankara . Deputy Managing Director Puravankara Projects Ltd told press conference here on Tuesday. He also said company is in the process of acquiring the land around the city to promote large residential townships complete with schools and health services, besides entertainment options. “We already have acquired 50 acres in Madavakkam, Southern suburb of Chennai to promote residential townships .In addition we are acquiring land near Sriperambuthoor which is emerging as the electrical and telecom hub for a larger residential township.

The company is also developing 2 commercial projects offering 0.5 million sft of quality space. ”While one project is of more than 3 lakhs sft is coming up in Race course near Guindy. The other one is coming up in Thoraipakkam also in the IT corridor. Further Puravankara has also set its sight on emerging market Coimbatore. It plans to develop 2.2 million sft on Trichi road there.

It will be a mix of residential and commercial space. We have plans for other II tier cities of Tamil Nadu. However we have laid down a structured growth plan for us in the state and projects will be launched as per the plan Puravankara said.