Real Estate

Chennai-based real estate player VGN Group has planned major projects, including two mini township projects and other residential projects, in the low-cost, affordable segment.
Interacting with Projectmonitor, Pratish Devadoss, Managing Director, VGN Group, said that the group had recently launched plans for residential and township projects worth Rs 11,400 crore in and around Chennai. The projects will take shape at Padikuppam, Mogappair, Velappanchavady, Vandalur, Ambattur, P.H. Road, and Melpakkam near Poonamalle. Ambattur and Vandalur projects will be mini townships.
The land acquisition process for all the projects has been completed, and the projects will be undertaken in a phased manner, he said. The upcoming projects in Mogappair, Velppanchavady and Ambattur would constitute phase-I of the overall project. Architects have already been appointed for phase-I and planning was under way, he noted.
Work on the Mogappair residential facility, coming up on 26 acres, will start this month. As part of phase-I, 12 acres will be developed and the remaining 14 acres in phase-II. Construction of the
8-acre Vellapanchavady project and 60-acre Ambattur project will begin by July 2009 and December 2009, respectively. All their existing projects are being financed through internal accruals, whereas other financing options may be pursued for future endeavours, Devadoss explained.
Regarding VGN's existing housing projects, he said that the group launched VGN Minerva, spread over 12 acres, in October. Several other projects like VGN Pratish Avenue, VGN Park West and VGN Zodiacville have also been commissioned. VGN's residential project, VGN La Parisienne, inspired by French architecture and design, would be completed in two months, Devadoss said.

Contact: VGN Developers Pvt. Ltd, 43/14, 3rd Floor, Hameedia Centre, Haddows Road, Nungambakkam, Chennai, Tamil Nadu 600034. Tel: 044-43439999; Fax: 044-43439988; E-mail: sales@vgndevelopers.com