Green Tree Homes to invest Rs 500 cr in second project

Chennai-based Green Tree Homes and Ventures Pvt Ltd is planning to invest around Rs 500 crore over the next three years in developing residential properties. The company would develop a total of around two million sft in the next three years, said company director Pon Ravichandran.

“We are planning to raise funds from private equity (PE) players, high networth individuals (HNIs) and banks to support us to reach the target. Talks with some PE firms are in an advanced stage and we expect some development in the next three to four months,” he said. However, the company has not decided on the percentage of the total investment to be raised through the source.

Green Tree has a land bank of around 55 acre and plans a 47-acre township project, its second project. It recently announced its first project, a 605- apartment township near the IT corridor at Siruseri, near here, with a project cost of Rs 150 crore. It would also launch 40 independent villas on the city outskirts on four acre. Construction works for the second half is expected to start in 2012.

The promoters of the company have already invested around Rs 50 crore for the first project. The first project, Green 201, on four acres would have a built-up space of around 700,000 sft.

The company would initially focus on townships and residential projects and eventually launch some commercial projects next year, added Ravichandran.

It is also engaged in a project by the State Housing Board in Korattur, near Chennai, to rebuild a plot with 66 owners into 164 apartments.