Covai to invest Rs 150 cr in Hyderabad

Serene Retirement Community, the senior care venture of Coimbatore-based Covai Property Centre Limited, is planning to invest Rs 150 crore to set up a gated community villa project – Serene Pragati – in partnership with city-based Pragati Group of Companies.

Serene Pragati is a self-centered gated community for retired senior citizens, with the price range being Rs 25 lakh for a 608-sft villa to Rs 90 lakh for a 1,900-sft villa.

“The villas project, spread over 35 acre, will have 328 independent villas. The project will start from February 18 and will be completed by 2013,” A Sridharan, managing director, Covai Property told mediapersons here on Thursday.

“The community will take care of all amenities, from serving cooked food to providing medical services,” said GBK Rao, chairman and managing director of Pragati Group.

Covai Property currently has retirement home projects running in Coimbatore, Pondicherry and Chennai.

Apart from Hyderabad, the company has plans to expand to Bangalore, Pune and Mysore, and to Tier-II cities including Vizag and Baroda, Sridharan said.

The company has lined up Rs 500-crore investments to set up retirement villas across the cities over the next three years, with a target to have close to 3,000 dwellings by 2015, he added.