Vision India Real Estate, a Chennai-based company is planning to launch two projects with costing over Rs 1,750 crore. The company plans to pump Rs 300 crore, apart from the land cost. The firm expects the money to come primarily through foreign direct investment (FDI). A top official of the company disclosed this. The company is currently developing a 680-unit apartment project at Padur near the Old Mahabalipuram Road (OMR) in collaboration with Gem Group. The company is also looking at launching a villa, apartment and plotted residential project on 75 acre at the OMR by the end of this year.
Vision India will also launch a villa and apartment project at the GST Road on the outskirts of Chennai, said the recently appointed chief executive officer of the company.
The CEO said “We have so far developed 850,000 sft of space in collaboration with Gem Group. The new projects will add around 1.5 million sft in OMR and 500,000 sft in GST Road in the next five to six years.”
The OMR project is expected to cost around Rs 1,500 crore, while the project cost for the GST venture will be around Rs 250 crore.
“We will be investing a total of around Rs 200 crore in the OMR project, of which at least Rs 100 crore will come in through the FDI route. Since some of our promoters are from overseas, the promoters' infusion will also be considered as FDI,” the top official said.
Vision India, which is into integrated property development and asset management, has a sister company – Vision USA – in the US, and an affiliated company in Europe.
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