VGN Developers launches Rs 500 cr project in Chennai

Residential property developer VGN Developers Pvt Ltd has entered the luxury apartment space segment by launching its Rs 500-crore VGN Presidency project here. Part of the project financing was from Edelweiss, said Pratish Devadoss, managing director of VGN Developers.

Spread in 1.5 acre in the middle of the city, the project has 72 three-BHK apartments of around 3500-sft space in 15 floors, including a club house.

The company has priced the property for Rs 18,999 an sft initially, and each apartment would cost around Rs 6.9 crore.

"We bought the land (which was with BSNL earlier) in an auction. We have paid Rs 195 crore," said Devadoss.

The company has already received bookings for 15 apartments before the official launch, and is expecting demand from customers in Mumbai and from overseas, including Singapore, Malaysia and the Gulf.

It is also planning to develop a large project in Guindy, with an expected cost of Rs 700 crore.

The company last year raised over Rs 600 crore from Clearwater Capital and Piramal Group, he said.