Thursday, September 6, 2007

Vascon Engineers, Pune, will invest more than Rs. 600 crore in Coimbatore in a joint venture with the Pricol Property Development

Residential-cum-Commercial Project:

A modern residential-cum-commercial project would come up on a 30-acre site off Avinashi road, at Neelambur, at an outlay of about Rs. 500-600 crore.

It would have 500 apartments and 40 villas, with all modern infrastructural facilities, including a shopping plaza, a motel-cum-club, service apartments and a healthcare centre.

At least five lakh sq. ft. of the constructed area would be devoted to facilities for IT-enabled services and offices.

Four-star Hotel:

150-room hotel, aiming at business travelers, would come up 200 meters from the Coimbatore Airport at about Rs. 80-90 crore.

It was likely to be managed by an international chain but no operator had so far been finalized.

Joint Venture:

In the joint venture forged in April this year, Vascon (Vascon Engineers Ltd.), a Pune-based construction company, and Pricol (Pricol Property Development Ltd. (PPDL), would have 70:30 equity respectively.

Mr. R. Vasudevan, Managing Director of Vascon, pointed out that this was the first point of entry of the company in South India and it would prefer Tier-2 cities to metros where the realty industry was in a far advanced stage.

No comments:

Post a Comment