Vijay Shanthi lines up Rs 870 cr housing projects

Chennai-based Vijay Shanthi Builders is planning to invest around Rs 870 crore in various residential projects. These include building the city’s costliest apartment.

Speaking to Business Standard, Suresh Jain, managing director, Vijay Shanthi Builders, said the company had acquired 21 grounds at Kothari Road here to set up a premium apartment project. Each flat, spread over 5,300 sft with four bedrooms, would cost around Rs 8 crore.

According to him, the costliest flat in the city so far has been the one purchased by Pepsi chairman and CEO Indira Nooyi for Rs 7.7 crore.

“The Art — name of the premium project — will feature 21 luxury flats and will be based on Picasso’s Cubist style. The total project cost is around Rs 170 crore,” said Jain.

 

The company is also in the process of developing 3.5 million sft across Chennai in the affordable category with an investment of Rs 500 crore. The flats would be priced between Rs 9 lakh and Rs 25 lakh. It is also planning a similar project at Ambattur, here, at an investment of around Rs 200 crore.

The builder has also acquired 35 acres at Matheran, a hill station near Mumbai, where it is planning to develop a farm house project.

Jain said the projects would be funded through debt and internal accruals. The company has set a target of Rs 500 crore turnover by 2011-12. It is likely to close the current fiscal with a turnover of Rs 200-250 core as against Rs 120 crore last year.

Meanwhile, the BSE-listed company is planning to enter hospitality and education sectors. “Currently we are in the discussion stage. We will look at hospitality projects after 2011 and the focus will be on Tier II cities,” said Jain.