Inno Real Estate, a division of Inno, a global investment group focussed on Indian real estate with operations in Europe, Middle East and India, launched its flagship residential project, Inno GeoCity, in Oragadam near Chennai.
Addressing presspersons here on Monday, Group Managing Director Rajamannar Ramaswamy said GeoCity was Inno's first own development project. The group had already funded six projects in India with a total gross development value (GDV) of Rs. 2,600 crore. Mr. Ramaswamy said the group had a corpus of $200 million earmarked for investments. It already channelled over $50 million.
Managing Director Sajid Sathak said GeoCity, spread across 131 acres, would be a self-contained township with a GDV of Rs. 750 crore. It would have 4,000 dwelling units with amenities such as school, shopping mall and medical facilities.
The first phase of the project, consisting of 1,000 units, would be ready in 18 months.
There would be three categories of houses (all independent duplex), twin house, Row House I, Row House II and the price range would be between Rs. 17 lakhs and Rs. 22 lakh. The built-up area ranges from 953 sq. ft. to 1,175 sq. ft.