Vision India Real Estate is planning to launch two projects with a total cost of Rs 1,750 crore. The company will invest around Rs 300 crore, apart from the land cost, which will be funded primarily through foreign direct investment (FDI), according to a top official of the company.
The Chennai-based company, which is currently developing a 680-unit apartment project at Padur near the Old Mahabalipuram Road (OMR) in collaboration with Gem Group, is looking at launching a villa, apartment and plotted residential project on 75 acre at the OMR by the end of this year.
It will also launch a villa and apartment project at the GST Road on the outskirts of Chennai, said Shekar Chandrashekar, Chief Executive Officer of Vision India Group. He said that the company has so far developed 8,50,000 sft of space in collaboration with Gem Group. The new projects will add around 1.5 million sft in OMR and 5,00,000 sft in GST Road in the next five to six years. .
The OMR project is expected to have a project cost of Rs 1,500 crore, while the project cost for the GST venture will be around Rs 250 crore, he added