Pragnya Fund, a global private equity fund and investor, has partnered with VGN to develop a Rs 160 crore housing project in Chennai. The project named as VGN Hazel to come near Poonamallee, one of the Chennai suburbs.
T Srinagesh, CEO, Pragnya Fund said that the fund will own 74% of the project and this will be the second project for the fund in Chennai. The first being with L&T.
The project will spread across 5.67 acres, VGN Hazel will be an affordable residential development in the fast developing neighbourhoods of Avadi. Starting from 570 sq. ft to 1,647 sq. ft, the project will consist of 1-BHK, 2-BHK and 3-BHK apartments. VGN Hazel will have a total of 781 units across six blocks, each block comprising of a basement, stilt and 14 floors. Prices would start from Rs 22 lakh for 1-BHK apartments, Rs 36 lakh for 2-BHK apartments and Rs 49 lakh for 3-BHK apartments making it most affordable for the people in the industrial area.
VGN Hazel will be ready for occupancy by 2015.
Pragnya Fund is a private equity fund with investments in real estate projects and developments in India and Sri Lanka. The Fund started investing from 2005 and since then, has successfully invested in 8 real estate projects across Bangalore, Chennai, Kochi, Calcutta, Asansol and Rajahmundry and Colombo. VGN Hazel is Pragnya Fund’s sixth investment overall and 2nd investment in Chennai. The projects of Pragnya Fund together would be delivering over 13 million square feet of built-up space.
