Isha Homes, developers of villa and gated community, is set to launch a new project on the OMR (Old Mahabalipuram Road) on 10 acres. The project, with a total cost of Rs. 100 crore, will have 110 villas.
Suresh Krishn, Managing Director, Isha Homes, said the project was proposed to take off in two months. The first phase would be completed in 12 months and the second phase in 24 months. The size of villas would range from1,800 sq. ft to 3,000 sq ft. The price of these villas were yet to be finalised, Mr. Krishn said. Identifying the needs for villa homes, the company decided to enter into this segment in 2004. So far the company had taken up nine projects. Of which seven projects were in the villa segment and the rest were apartments.
The company had completed the first phase of the on-going project ‘Signature Villa” at Medavakkam. The first phase comprises 55 villas. The second phase, which consists of 42 villas, were under construction, Mr. Krishn added.
The Signature Villa project, spread over a little more than nine acres, would have units ranging from 1,498 sq ft to 3,050 sq ft. These villas were priced at Rs. 5,000 per sq ft. Isha Homes would manage the entire project in terms of security and maintenance even after completion of the entire project, Mr. Krishn said. The company was planning to launch “Value Homes” in the price range of Rs. 25 lakh to Rs. 35 lakh. These would come up at Medavakkam near Chennai. There would be nearly 440 apartments under this project. Mr. Krishn said the company was concentrating on the construction of villas and gated community as there was a huge market in these segments. Earlier, the demand came from foreign residents and now it was more from the local people.