Vijay Shanthi Builders plans residential project in Chennai IT corridor

Vijay Shanthi Builders Ltd, a residential property developer, plans to launch a Rs 180-crore residential project on the IT corridor of Chennai by January next year.

The listed company plans to construct an apartment complex, 'Lotus Pond', with a total built-up area of 750,000 sq ft, on the Old Mahabalipuram Road. The 12-storeyed complex will have 400 flats, each covering about 1,850 sq ft.

Naresh Jain, executive director, Vijay Shanthi Builders, said all 400 flats would be of similar dimensions. The project will also incorporate a 40,000-sq ft club facility and a 30,000-sq ft convenience store. "As part of our efforts to offer more value for money, the flat area will not include the club and convenient store spaces," he added.

Lotus Pond is being constructed with a view to target the estimated 50,000 IT professionals working for companies on Chennai's IT corridor. "We see huge potential for such apartments as a good number of IT professionals are looking at housing facilities on the IT corridor and are keen on avoiding travel from different parts of the city," said Jain.

The company will fund its projects through a combination of internal accruals, equity and borrowings from banks, he said, adding that the company was able to sell a major portion of the project on the day of its launch.

When the company announced its premium residential apartment project called 'Patio' a couple of weeks ago in Chennai's prime real estate area of Nungambakkam, all 15 apartments, each valued at Rs 4.25 crore, were booked on the first day.