The Chennai-based real estate promoter, Primex Infrastructure Pvt Ltd, will be launching its residential project “Verterra” at Mugalivakkam, at Porur near here. The promoters have 25 years of experience in infrastructure development, export, cement, steel and power. The company had already constructed nearly five lakh sq. ft., of commercial space of factories, warehouses, office space and power plants. It is now entering the residential segment.
Addressing a press conference here on Wednesday, Anil Saraogi, Managing Director, Primex Infrastructure, said the Rs.125-crore project, Verterra, would be spread across 4.2 acres and would have schools, markets, hospitals and hotels in close proximity.
The project would be spread over nine blocks with a total space of three-lakh sq. ft. consisting of 324 dwelling units. It would have one BHK to three BHK units, ranging from 575 sq. ft. to 1,233 sq. ft. and would cost between Rs.22 lakh and Rs.45 lakh. The launch price of these units would be Rs.3,750 per sq. ft.
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Construction of the first block would commence from February 11 and the project was expected to be completed within 24 months.