Prince launches Rs 400-cr project in Chennai

Real estate developer, Prince Foundations Limited, has announced the launch of a 155-unit, ultra-luxury residential project in Chennai with an investment of Rs 400 crore.

The project, a property where one of the famous landmark Hotel Dasaprakash stood, is focusing on high networth individuals as potential customers. It would see the development of 350,000 sft on two acre and would have a 17-storey and another 18-storey building.

The project will be completed in three years and the company expects a sales revenue of around Rs 500 crore from the project named ‘Prince Courtyard’, Ashwin Kumar Kamdar, chairman and managing director of Prince Foundations, said on Friday.

“This is a prestigious project for us and we are planning to provide all the amenities, including a swimming pool on the top floor,” he said.

The company is also planning to launch two more residential projects this year, catering to the mid-income segment. An-850 unit apartment project in Porur, with a total area of one million sft on six acre, is expected to come up with an investment of around Rs 350 crore. On completion, the company expects this to bring in a sales revenue of Rs 550 crore.

The company would launch the Phase-I of a 1,500-apartment project at Siruseri in the Old Mahabalipuram Road. The Phase-I, comprising 350 apartments, would come up on a total area of 500,000 sft. The entire project would be coming up on 16 acre, he said. It is also planning to launch a residential project in Coimbatore.

Besides, it is launching the Phase-II of its apartment project in Tondiarpet on the suburbs of Chennai. The Phase-I of around 580 apartments is in the finishing stage and would be handed over by December this year, when it would start the Phase-II of around 440 apartments, Kamdar said.

Prince Foundations has so far developed around 2.5 million sft, both in the commercial and residential segments.