S&P plans three residential projects

Chennai-based real estate developer S&P Foundation Pvt Ltd would initiate three residential projects in 2011-12, to develop a total area of 18 million sft in the next five years. The expected sales value for the first phase of the three projects is around Rs 1,290 crore, said company executives.

The company has launched one of its three projects, S&P Living Spaces, to build 2,800 apartments and 300 villas on 80 acres of land, at Mogappair West Extension, with a proposed project cost of Rs 1,500 crore. The first phase of the project to develop 592 apartments on an area of 10.91 acres for a value of Rs 240 crore is expected to be completed in the next 18 months, said S Prabakar, managing director, S&P Foundation Pvt Ltd.

“We are planning to develop three mega residential projects in Chennai covering 18 million sft, shortly. The rest of the two residential projects are a Rs 1,200-crore 1.5 million sft project in Nolambur and a Rs 3,000-4,000-crore 150-acre project at Tambaram,” said Prabakar.