Bangalore-based Salarpuria Sattva is investing Rs. 400 crore (including the land cost) here to develop a gated community project on Avinashi Road.
Sanjay Agarwal, head-marketing and sales, Rajiv Agarwal, who heads business development, and Shirley Alex, head of Corporate Communication for the Sattva Group, told reporters here on Wednesday that the project in Coimbatore, which will be launched on Friday, will have 534 units in eight towers and a club house.
These will be one bedroom, two bedroom and three bed room houses.
The project, called Navaratna Residency, is coming up on six acres and will be completed in 45 months.
The inaugural price is Rs. 5,391 a sq ft. Apart from two basement levels for parking, the project will have outdoor space for children and senior citizens and a 13,000 sq ft club house.
The built-up area will occupy just 30 per cent of the total area, Mr. Rajiv Agarwal said.
Ms. Alex said that though the proposal was to launch the project a year ago, it had taken time as the group wanted to start construction only after getting all the required approvals.
The group was present in residential, commercial, retail, IT and ITES space across the country.
The response was encouraging from non-residential Indians and retired personnel for residential units here, he said.
Mr. Sanjay Agarwal said that the group was entering Tamil Nadu through the Coimbatore project and planned to launch a residential project in Chennai in the next six to 12 months.
