Asvini Foundations is planning to launch seven residential projects over the next three years. The total cost of the projects (including ongoing) will be Rs. 1,169 crore.
Addressing presspersons here on Thursday, S. Sivagurunathan and Aarti Razee, Directors, said the company, engaged in offering budget apartments to urban smart homes, would launch four premium housing projects at Kelambakkam, Sembakkam, Avadi (all in Chennai) and Kovaipudur (Coimbatore), before the end of this year. All the four projects would cost Rs.455.53 crore.
While Atvarika project in Kelambakkam will have 56 apartments under lifestyle category, Akila Heights at Sembakkam will have 338 apartments under premium category. The company plans to offer affordable housing at The Asvini NRD Towers in Avadi which will have 646 apartments. Avani at Kovaipudur will come under premium category which will have 21 villas and 30 twin houses.
On upcoming projects, the directors said the company was planning to offer two premium projects at Kolaplakkam (32 apartments on eight grounds) and at Kuthambakkam (300 apartments on 2.2 acres). Both these projects would be launched in the first quarter of 2012. It would also offer 2,000 apartments on 14.12 acres under affordable housing category in Madurai. All these projects would cost Rs.416.50 crore. As far as ongoing projects are concerned, Ms.Aarti Razee said the company was engaged in constructing (1,008 apartments) a township project (Amanya) on a salable area of 10 lakh sq. ft. on the Thiruporur-Guduvancheri Road and the project was expected to be completed by 2013. The project at Siruseri (32 apartments) would be ready by 2012. Other two projects — Ramapuram (Amarisa phase-II) and Besant Nagar (Annora) would be ready before the end of this year. The total cost of these ongoing projects would be Rs. 297.25 crore.
Ms. Razee said the company had over a decade of experience and completed over 5 lakh sq. ft. of prime residential space in Chennai and Coimbatore.
The company has so far invested Rs. 15 crore on ongoing projects and plans a further investment of Rs. 20 crore. Project funding would be arranged through banks and financial institutions for future needs. It was expecting a turnover of Rs. 170 crore by 2012.