Empee Group to diversify into real estate

Empee Group, is planning to set up two residential projects with an investment of around Rs 400 crore in Chennai, according to a top official of the company.

The company would start two projects on a land bank of around 20 acre in Kuthumbakkam, between Poonamalle and Sriperumbudur in Chennai, to offer around 1,000 apartments in the next three years.

This includes a 1.25-million project comprising around 800 house units and the other with 250,000 sft with around 200 units . The projects, targeted at the medium-segment customers, are expected to go on stream by the end of 2012.

The projects would be executed through the group's building construction arm, EDL Properties Private Limited. The project management team of its hospitality business, which includes the Hilton Hotel that was opened last year, would share its expertise in addressing all the issues concerned in detail.

Source: Business Standard