The Chennai-based Isha Homes (India) is planning to introduce one more luxury villa gated community project in Chennai in the current financial year, according to Suresh Krishn, Managing Director.
Announcing the completion and handing over of its first villa project, Signature Villas, here on Thursday, Mr. Krishn said the villa concept was picking up in Chennai and there was a good demand from high networth individuals (HNIs) and non-resident Indians (NRIs).
Spread over 9 acres, Signature Villas (at Medavakkam) had 97 independent villas with construction area ranging between 1,500 sq. ft and 4,060 sq. ft. He said 50 per cent had been booked by NRIs and HNIs and were sold out at a price of Rs. 1-1.50 crore.
Land bank
Mr. Krishn said the company as on date had 25 acres of land bank in Chennai and out of this over 50 per cent would be used for the new luxury villa project. The balance would be utilised to develop budget housing and exclusive limited edition high-end apartments. The new project, to be located at Kelambakkam near here, would house around 150 independent villas.
The Managing Director said Isha had so far constructed and developed over three lakh sq. ft. and completed eight projects.
The company, which has a turnover of Rs. 35 crore, was targeting to achieve Rs. 100 crore in 2010-11 and Rs. 300 crore in the next three years, Mr. Krishn added.
