Ozonegroup to start Rs 2,500 cr residential project

Real estate firm Ozonegroup is all set to commence its Rs 2,500 crore residential project in the city on 42 acres of land.    

The project, 'The Metrozone' at Anna Nagar, would have 1,600 apartments across 29 towers. "This is our flagship project in city and the total project cost is Rs 2,500 crore", Ozonegroup Managing Director S Vasudevan told reporters here.    

He said the project would have three basement levels to park 6,000 cars and a piped gas network.    

As part of promoting 'Green' power, the project would have solar lighting and the rainwater storage systems,he said.    

The residential units range between 1,555 square feet for double bedroom apartments (Rs 95 lakh) to 4,818 square feet for penthouses (Rs 1.5 crore), he said.    

The first phase of the project is likely to be completed by 2011. "Construction is expected to begin by June 29 and the entire project should be completed by 2013-2014", he said.

Vasudevan said the Metrozone would have 15-17 screen multiplexes and one lakh square feet area had been allotted for food and entertainment.     

"We are talking with the multiplexes and will be signing agreements on this very soon", Ozonegroup Chief Operating Officer K S Sudarshan said.    

The group is also constructing two residential projects in Bangalore at a total cost of Rs 400 crore, he said.    

"About 1,000 apartments are likely to come up in both these projects and the minimum price of an apartment would range between Rs 26 - Rs 28 lakh", he said.    

The company also planned to set up a leisure project in Goa on 180 acres, he said, but declined to divulge further details.