Kochi, Sep 10 (UNI) Bangalore-based real estate developers Brigade Enterprises Ltd. today said it would invest about Rs 1,000 crore in Kerala in the next three years, starting with an IT SEZ in the Kochi Infopark and a luxury island resort.
Addressing a press conference here, company CMD M R Jaishankar said Brigade Enterprises was bullish about tapping the real estate sector in Kerala and planned to invest about Rs 1,000 crore in the state in the next three years in the retail, residential and office space.
He said the groundbreaking ceremony for the IT SEZ in the Kochi Infopark was done today.
Brigade would invest about Rs 160 crore in the project to develop 600,000 sq. ft. office space for the IT industry in two years' time. It would be able to accommodate about 5,000 people.
The company had recently bagged the tender to co-develop five acres of land in the Kochi Infopark.
Elaborating on other company plans for Kerala, Mr Jaishankar said Brigade Enterprises had recently acquired about 17 acres of land in a river island near Vaikom to build luxury villas and cottages.
The work on the project, which would cost about Rs 150 crore, would begin early next year and be completed in about 20 months' time.
It would have close to 100 rooms.
Apart from Kochi, the company was exploring space in Kottayam and Thiruvananthapuram districts also, he added.
In a major venture in the hospitality sector, the company had tied up with Banyan Tree to set up a resort in a coffee plantation in Chikmagalur in Karnataka at a cost of about Rs 250 crore. Work had already started on this, he said.
The company, which had a turnover of Rs 500 crore, had raised about Rs 700 crore through an IPO recently. Its upcoming projects included four integrated lifestyle enclaves, 14 residential, nine commericial properties and five hospitality properties in different cities.
Starting from Bangalore, the company was now expanding its operations to other southern cities including Kochi, Chennai, Hyderabad, Mangalore and Chikmagalur.
UNI ARC PMM 1506