Electro Const plans two gated projects in Chennai

Electro Constructions, part of the Electro Group, is developing two gated community projects on the East Coast Road in Chennai at an investment of Rs 25 crore.

This is part of the company's strategy of betting big on the niche segments of lifestyle-oriented and first-time home buyers, Brij Khandelwal, chairman, Electro Group, said.

Electro has acquired about 50 acres of land close to the IT corridor for the projects. Investments will be funded through a mix of institutional financing and internal accruals.

Electro's first project, 'The Village', comprising 42 holiday homes, is nearing completion with most of the homes already sold out. Work on the second project, 'Little India', which will consist of 40 homes, is slated to begin soon.

"The Chennai property market has boomed over the past few years on the residential and commercial fronts," Khandelwal said, adding, "As a recent entrant, we decided to focus on select niches and grow in that space. We have identified youngsters and first-time home buyers with relatively lower budgets to invest and lifestyle-oriented individuals, who are not keen to be boxed into flats in high-rise apartment complexes. This is a trend that is widespread in cities like Bangalore and we feel Chennai is ready for it with a critical mass of such niche segments."

The Rs 100-crore Electro Group floated Electro Constructions three years ago. It is a leading player in polymer trading among other businesses.