Luxury Villa project near International Airport at Devanahalli

Bangalore, May 17 (UNI) 'The Retreat,' a luxury villa project comprising 174 charming Mediterranean style villas with a fabulous vista of natural beauty will be formally launched near the International Airport at Devanahalli.

Briefing newsmen here, Srinivasa Shipping and Property Development Limited Managing Director Prakash Challa said that the project was funded by Indiareit Fund, a leading real estate private equity fund promoted by leading industrialist Ajay Piramal.

Indiareit, which had invested US dollars 15 million on the project, was also partnering with SSPDL for designing and global marketing of the project.

Replying to queries, he said that 'The Retreat' offered a variety of facilities to lead a luxury resort lifestyle in a secure and self contained environment. Once Completed by mid 2009, the expected market value of the project would be around Rs 330 crores, he added.

He said the enclave had been designed specifically to meet daily needs and would also be a great investment for the future.

Eighty five villas had been sold and a model villa was ready and another villa was nearing completion for the first purchaser, he explained.

Giving details about the project, he said that 12 distinct villa layouts, each reflecting a unique flair and taste, were offered to the buyers and each was separated from neighbours by picturesque Holland styled fencing. Some of the amenities at the enclave included, among others, a magnificent clubhouse, with pool-facing large bar, roof top open air restaurant, health club, outdoor tennis basketball and volleyball courts, cricket pitch, guest rooms and a fully equipped business centre.

He said the last year's turnover of the company was around Rs 40 crores.

UNI