IVRCL Launches 700 Acre Township Project in Chennai

Published: September 14, 2010 at 10:27 PM | Author: Administrator
News Source: Indian Realty News - September 13, 2010

Share

The Hyderabad-based IVRCL Assets & Holdings Ltd has launched a 700-acre township with an 18-hole championship golf course near Chennai. Announcing the plans at a press conference, Sunil Reddy, group vice-chairman, IVRCL, said that the township — Aavisa — is to come up at Sriperumbudur, off the NH-4 to the west of Chennai. While the modern golf course is a unique part of the project, the residential portion targets a wide spectrum of the market, with independent houses priced between Rs 30 lakh and Rs 2.5 crore.

Aavisa is promoted through a special purpose vehicle, IVRCL Resorts & Hotels. Kotal Realty Fund has a stake in the project. The master plan for the township is by Townnland, Hong Kong. The golf course is to be designed by Golf Plan of the US. The township will be a LEED-accredited green project, said Reddy. In the first phase, the company will invest Rs 270 crore on a 52-acre gated community, called Samten, to develop 239 villas and a 9-hole golf course.

The project would be completed in 5-7 years, he said. The golf course would be suitable for beginners and champions, and have a golf academy and driving range. With 14 water bodies spread across the course, it will be one-of-a-kind facility, he said. Its location on the Chennai-Bangalore route and in the heartland of the industrial belt — including global automobile and components manufacturers, electronic and telecom hardware production units — makes it a hot spot for development.

Aavisa will offer over 180 acres of green space, 80,000 trees, 30 km of roads lit by over 10,000 solar power lights. In Samten the houses would range from 1,503-1,980 sq ft and be priced at Rs 2,500-3,200 a sq ft. The land cost is about Rs 900 a sq ft. This phase has obtained all clearances, said Reddy.