Vision India Real Estate to launch two projects in Chennai

Chennai-based Vision India Real Estate is planning to launch two projects worth Rs 1,750 crore with bulk of the investment coming from the foreign direct investment (FDI). The company will invest around Rs 300 crore, apart from the land cost.

Vision India, which is currently developing a 680-unit apartment project at Padur near the Old Mahabalipuram Road (OMR) in collaboration with Gem Group, is looking at launching a villa, apartment and plotted residential project on 75 acre at the OMR by the end of this year.

It will also launch a villa and apartment project at the GST Road on the outskirts of Chennai, said Shekar Chandrashekar, who has recently taken charge as the chief executive officer (CEO) of Vision India Group.

“We have so far developed 850,000 sft of space in collaboration with Gem Group. The new projects will add around 1.5 million sft in OMR and 500,000 sft in GST Road in the next five to six years,” he said.

The OMR project is expected to have a project cost of Rs 1,500 crore, while the project cost for the GST venture will be around Rs 250 crore.

“We will be investing a total of around Rs 200 crore in the OMR project, of which at least Rs 100 crore will come in through the FDI route. Since some of our promoters are from overseas, the promoters' infusion will also be considered as FDI,” Chandrashekar told Business Standard.

He added that the 50-acre GST project was also expected to have an investment of around Rs 100 crore and will be launched by the end of 2012 or beginning of next year. The upcoming OMR project will have around 500 plots and 500 villas to be developed in the next five to six years.

Vision India, which is into integrated property development and asset management, has a sister company – Vision USA – in the US, and an affiliated company in Europe.