Jain Housing mulls Rs 1,000 cr project for IT

Hyderabad, Aug 10: Jain Housing Corporation is planning to invest about Rs 1,000 crore over the next three years in two projects to provide 'affordable' housing for IT and middle income group professionals.

Headquartered in Chennai, the group had entered into a joint venture for the first time with city realtors to build 'Carlton Creek,' near the IT hub of Gachibowli.

According to Company Managing Director Sandeep Mehtha, it planned to construct 1,120 two and three bedroom costing from Rs 35 lakh to Rs 1.2 crore.

The company would invest Rs 700 crore in nine ventures to create 2.14 million sq ft of living space for which it had already tied up with financial institutions to back its internal accruals.

The company had forayed into construction with smaller projects in 1999 and re-launched its mega projects on an 18-acre land bank here.

Its second project costing Rs 250 crore would also be launched shortly and both the projects completed within three years, Mr Mehtha said.

The company was already building 10.3 million sq ft through its 14 ongoing projects across Chennai, Bangalore, Mysore, Coimbatore, Kochi and Hyderabad.

It also planned to move to Pune, Ahmedabad and other northern cities, including Jaipur, in the coming months.

The company had posted a business of Rs 280 crore and net profit of Rs 120 crore during last fiscal.

UNI