Chennai: PPL to construct res apartments, IT parks

Chennai, Apr 10: Puravankara Projects Limited (PPL), a leading real estate developers, has drawn out plans to build six residential apartments and two IT parks in the city, involving a total investment of about Rs 1,500 crore.

Addressing a press conference here, Mr Girish Puravankara, Deputy Managing Director said the company has conceived eight projects for the city, of which, three, including two IT parks would be completed in the next three years.

"Purva Swan Lake," a 700 apartment project would be launched on April 14, coinciding with Tamil New Year's day on a 11 acre site on the Old Mahapalipuram Road (OMR) to cater to the needs of IT professionals, he said.

The Rs 300 crore project would have two and three bedroom luxury apartments with an area ranging between 1,250 sq ft and 1,750 sq ft.

It comes with 15 blocks varying between 10 to 12 floors and would have world class amenities like club house, swimming pool, squash court, billiards, tennis, supermarket and steam room.

The price range would Rs 3,400 to Rs 3,800 per sq ft and the starting price of a flat would be Rs 50 lakh, Mr Puravankara said and claimed that this was an agressive price.

Besides this, the company is building two IT projects in Guindy and Thuraipakkam. Works have already been started and they would be ready for occupation in the next 12 to 18 months, he informed.

The company also conceived a 1200 apartment project at Kelampakkam-Vandalur road. The work would start in another three to four months time.

Mr Puravankara said the company planned an outlay of Rs 1,500 crore of which, it had already invested Rs 500 crore. It would pump in the balance amount in three to five years.

He said the company has so far developed 15 million sq ft across south and west Indian cities as well as in Colombo, he added.

UNI