Puravankara Group Sets Up Shop in Chennai

One of the major construction groups that have recently opened shop in Chennai is the Bangalore based ‘PURAVANKARA GROUP’. The group was established way back in 1975 and has emerged as a leading group in the development of investment property in Insdia. In addition to Bangalore, the group has started real estate development in a major way in cities like Chennai, Kochi, Mysore and Hyderabad. The group is also taking up projects in Colombo and in the United Arab Emirates.

The group has so far, constructed residential and commercial space of about 4.73 million square feet. The group is presently involved in developing around 18.78 million square feet of space. The group has plans to invest around Rs 1000 crore in development of real estate in Chennai in the next three year.

The group is already in the process of constructing a residential project on the IT corridor of Old Mahabalipuram Road (OMR) at Kellambakkam. This is the group’s first project in Chennai. The project will be consisting of 700 apartments of two and three bedrooms. The smallest apartment will be 1250 square feet and the largest sized apartment will be 1750 square feet. The proposed apartment complex has been named “Purva Swanlake’ and will span an area of 11 acres. The apartments were priced from Rs 3490 per square feet upwards. Water is the main theme of Purva Swanlake. The project is expected to be completed by 2010-11.

The group is making efforts to create a land bank in various parts of Chennai for setting up residential townships on a large scale in future. These townships would have schools and facilities for medical care and entertainment. The group has already acquired about 50 acres in Madavakkam for this purpose.

The construction company is in the process of acquiring land at Sriperambudoor. This will be the telecom and electrical hub of Chennai in the future.This construction group has two on-going projects at Guindy and Thoriapakkam, both of which are in the commercial segment. The group also has plans to expand to tier-II cities in Tamil Nadu.