Hyd realty firm launches Rs 150 cr projects in Chennai

Hyderabad-based City Square Enterprises Pvt Ltd will come up with two residential projects in Chennai at a total investment of over Rs 150 crore.

"One project will be based on the 'gated community' model on an area of 100 acres. Around 10 km away from the new, proposed international airport in Sriperumbudur, the community will consist of 800 independent houses.We expect the project to be completed in the next 2-3 years. The second residential project will also come up on 100 acres on the IT Corridor. Other details of the second project are yet to be worked out," company's chairman and managing director N Manohar Reddy said.

Land for the first project was acquired for around Rs 50 crore. The cost of land acquisition for the second project worked out to around Rs 75 crore while an additional Rs 25-30 crore is expected to be invested in infrastructure, he said.

The company has so far developed three projects in Chennai on an area of around 200 acres. "Around 60 per cent of the company's revenues comes from NRI customers, and hence, we have two offices in California and New Jersey. We have one branch in Singapore and are planning to set up another in Dubai within a month," Reddy said.

The company's land bank comprises 1,100 acres across the country and has ambitious plans to enter the tier II cities.

City Square is in the process of acquiring land in tier II cities, including Madurai, Vishakapatnam, Mysore and Coimbatore.

It has already acquired 100 acres in Madurai, 75 acres in Vishakapatnam, 160 acres in Coimbatore and 65 acres in Mysore for residential projects.