Kochi, Nov 18 (UNI) Kerala-based PVS Apartments, a part of the KTC Group, is planning to expand to other Southern Indian cities to set up residential and commercial complexes, KTC Chairman P V Chandran said today.
Addressing a press conference here to announce the company's first residential complex at Aluva near here, Mr Chandran said the group had acquired land in Bangalore, Coimbatore and Chennai.
Projects will be started in these cities within a year's time, PVS Apartments Vice-President K P Rajeev said.
Describing Kochi as a booming city, Mr Chandran said 'bhoomi pooja' (ground breaking ceremony) was done this morning for the company's new project 'Iris Apartments' at Aluva near here.
Located just 50 meters away from NH 47, the project would be completed in 36 months time. It would consist of 174 apartments, which would be a mix of duplex and three and two bedroom apartments.
The cost would be Rs 2,000 to Rs 2,140 per sq. ft, Mr Rajeev said.
The complex, consisting of three different towers spread over 1.7 acres of greenery, is located close to the Periyar river.
PVS Apartments, which had a turnover of Rs 25 crore last year, has successfully completed half a million sq. ft. of luxury living spaces in Kozhikode city, he said.
The KTC Group, which had a turnover of Rs 860 crore last year, has diversified interests including in healthcare, plantations, print media, education, food processing, filmmaking and distribution and auto and fuel dealerships.
Mr P V Gangadharan, Managing Partner, PVS Apartments, and Mr P V Nidhish, Partner, PVS Apartments, were also present at the press conference.