Gem Group plans housing project

The Rs 320 crore project would come up in Chennai

Chennai-based natural stone mining and processing company Gem Group is planning to develop a premium housing project called ‘The Gem Grove’.

Spread over 21 acres of land, the project would come up at Padur on Old Mahabalipuram Road here.

It will be developed along with Vision India, a US-based property developing company. The joint venture partners are planning to invest around Rs 320 crore in the project.

Speaking to reporters on Wednesday, Ilan Elad, partner, Vision India Real Estate, said it would be developed in three phases between July 2012 and May ’13. The first phase has been planned on 6.7 acre.

The project will comprise 712 units with a total built-up area of around 800,000 sft. “The starting price will be Rs 13.34 lakh,” said R Veeramani, chairman, Gem Group. The apartments will range from 550 sft to 2,300 sft.

While Vision India will be the developer and promoter, Gem Group will be the land owner and co-promoter, added Elad.

The Gem Group is also planning to develop a 200-room resort on the East Coast Road, for which it is scouting for a partner. Veeramani declined to share the proposed investment in the project.