Ozone Group acquires 43 acres in Chennai

Ozone Group, Bangalore-based property developers, has acquired 43 acres of land in Chennai.

The Rs 300 crore deal, backed up by HDFC and Reliance, is for the purpose of developing an integrated township with over 2000 apartments, an IT park and a shopping mall, comprising about 5.5 million sq ft of built-up space.

With a land coverage of 23%, water features and large open parks of more than 33 acres, the township will introduce the concept of community living in the city. The property is set to become a new landmark in Chennai, a company release said.

The company has engaged the services of internationally acclaimed Singapore-based architect Dr Timothy Seow's studio in association with M/s CPG consultants.

"We are entering Chennai at a time when the city's landscape is witnessing rapid growth and expansion. Ozone Group intends to set the standard for true international living by providing features and amenities which would make this development South India's most favoured destination," S Vasudevan, managing director, Ozone Group, said in the release.

The project envisages perennial water supply, state-of-the-art sewage treatment plant and efficient garbage handling systems. The construction of the proposed project, located in Annanagar, will start in November 2006.