Vision India Real Estate will make an investment of $100 to 200 million in the Chennai market over the next two years. According to Ilan Elad, Executive Director of the company, the focus will primarily be on the Rs.13 lakh to 27 lakh affordable housing segment.
Insisting that India has a compelling growth story for investors, he said most of the investments would be made through the Foreign Direct Investment (FDI) route. “It is a tough environment to raise funds as a foreign investor but we strongly believe in the city and the way it is expanding,” said Mr.Elad.
He was speaking at the launch of ‘The Gem Grove', a project aimed at the affordable housing segment. It is a joint collaboration between Gem Group and Vision India. Slated to come up at Padur on Rajiv Gandhi Salai with 712 housing units (6 towers) spread across 6.64 acres, it covers a total built-up area of 8 lakh sq. ft.
R.Veeramani, Chairman, Gem Group, said “The Gem grove will be a self-contained family community with mid-rise buildings placed well apart from each other without any common partition walls. All the special amenities such as the club house, gyms and sports facilities will be run and maintained by expert consultants.” The project's one, two, three and four BHK apartments range from 550 sq. ft. to 2,300 sq. ft.
Starting at Rs.2,399 per sq. ft., the Gem Grove will have three blocks ready for occupancy by July 2012 and the remaining three blocks ready for occupancy by May 2013.