The Chennai-based S&P Foundation Pvt. Ltd. on Friday announced the launch of three residential projects in three different locations within Chennai with a total investment of nearly Rs.4,000 crore. Two projects would come up at Mogappair and the third one at Tamabaram.
Addressing a press conference here on Friday, S. Prabakar, Managing Director, said to begin with, the company would be launching its first project at the Mogappair West Extension. Christened as S&P Living Spaces, it would come up in 80 acres. The first phase would come up in 11 acres and would have a built-up area of 7 lakh sq.ft. There would be 592 apartments in the first phase and it would be completed in 18-20 months, he said.
He said the entire 80 acres would be developed in five years and would have 2,800 apartments and 300 villas. The total cost of the project would be Rs.1,800 crore.
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On the two other projects, he said, the company was awaiting approval. However, in these two projects, he said an 18-acre residential project would come up, also at Mogappair West. The total cost of the project would be Rs.1,200 crore. In the first phase, it would take up construction only on 9 acres and have 1,200 apartments, the investment being Rs.600 crore.
The proposed third project would come up at Tamabaram. It would be a township on 150 acres. The first phase would cost Rs.450 crore. Both these projects would take off after getting the requisite approval, he said.
Mr. Prabakar said the company already had over 400 acres both in Chennai and Madurai. However, on the initial investment, he said there were many high net worth individual investors who were funding these projects. So far, the company had received Rs.50 crore for its first project and hoped to get similar support for the rest of its projects, he said.
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On its S&P Living Spaces, he said the apartments would come in three different sizes — 3BHK, 2BHK and 1BHK ranging from 555 sq. ft. to 1,790 sq. ft. — and the cost of the flat would be between Rs.18 lakh and Rs.60 lakh.