SARE to invest Rs 350 cr in Chennai township

South Asian Real Estate (SARE) today said it will invest Rs 350 crore to develop an integrated township in Chennai.

The company has bought 61.4 acre land in Chennai where it would develop 608 apartments, 460 villas and plots.

"The project cost is Rs 350 crore and the saleable value of this project is expected at Rs 500 crore," company's Executive Director (Operation) David Walker said.

The project is expected to be completed in three phases, with phase-1 scheduled to be completed within 18 months from the date of commencement of construction.

The national capital-based company was set up in 2006. It focuses on developing affordable homes in the Rs 20 lakh range. This is the company's second project in Chennai and sixth project across the country. It is currently developing 34 million sq ft area.