Real Estate major set with 36,000 new units

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Chennai, Sep 22: As part of its aggressive expansion plans, Real estate major VGN Group will construct 36,000 units spread over seven residential and township projects in Chennai city and its periphery.

Talking to reporters here on Monday, Sep 22 VGN Group Chairman V N Devadoss and VGN Developers Private Limited Managing Director Pratish Devadoss said the entire project would be worth Rs 11,400 crore and acquisition of land had been completed in all the eight locations. The projects would come up at Annanagar, Mogappair, Velappanchavady, Vandalur, Ambattur, Poonamalee High Road and Melapakkam. The Ambattur and Vandalur would be mini township projects, spread over 66 acres and 65 acres, respectively, they said, ading the Ambattur project would be launched soon.

Of the seven new projects, the Group would launch the Mogappair project tomorrow before launching the other projects in phases. They said the VGN group was eyeing a turnvoer of Rs 2000 crore by 2011 from the present Rs 150 crore, once these projects were operationalised. After this, the group would venture into Tier-II and Tier-III cities, besides venturing into Hotel industry.


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