Hiranandani Group to construct housing apartments

Chennai, Apr 12: In an attempt to cash in on the booming real estate industry, realtor major Hirananadani Group today announced its foray into this teeming metropolis, with the construction of a world class residential and commercial complexes with a total investment of Rs 2,000 crore.

Group Managing Director Surendra Hiranandani told reporters here that the project, "Hiranandani Upscale" would be completed over a seven period in three phases in a total area of 110 acres in the IT corridor of Old Mahabalipuram Road.

''It is a premium project that will redefine the concept of urban living,'' he said.

''Each house, with area ranging from 1295 to 2450 sq ft, will be built to international standards,'' he added.

About 2300 residential apartments would be constructed in the first phase for which the Bhoomi Puja would be performed on April 14.

''It will be an integrated and ecofriendly township with all amenities, including hospitals, retail malls, business park, hotels and retail malls,'' he added.

The construction of two million sq ft of commercial space would be taken up in the second and third phase and the works would start by the end of this year.

On the Group's foray into Chennai, Mr Surendra said ''we saw a large gap in demand and supply of quality residential apartments in Chennai, which is fast growing as a business hub. The large educated and talented pool in the city is slowly getting exposed to international quality living.'' ''Our aim is to bring quality housing along with a wide range of facilities that make life more pleasurable and vibrant,'' he added.

UNI