Lanco to build township in Chennai

Lanco Horizon Properties Private Limited, a newly formed special purpose vehicle of the Lanco group, has entered into a joint development agreement with a land owner for development of 47.58 acres located near Sipcot Industrial Estate, Siruseri on the Old Mahabalipuram Road in Chennai.

Apart from infrastructure, the Hyderabad-based Lanco group is into power generation, power trading, engineering, information technology and manufacturing.

The property would be developed as an integrated township consisting of residential towers, shopping space and service apartments with a built-up area of approximately 4 million sft.

The project is estimated to cost Rs 600 crore and would be completed within 36 months from the date of plan approvals.

This would be the second major property development initiative undertaken by Lanco. The maiden initiative is the development of 100 acres of Lanco Hills Technology Park located at Manikonda in Hyderabad with a total built-up area of 30 million sft.

"Lanco is gradually building up its portfolio in the property development space. The joint development model being adopted for the Chennai property is distinct from the ownership route adopted in Hyderabad. This clearly indicates the willingness of Lanco to innovate and adopt different growth strategies," Lanco group chairman, L Madhusudhan Rao, stated in a press release here on Monday.