XS Real joins hands with Hayat Invest.

The Chennai-based XS Real Group and Hayat Invest Co of Kuwait have partnered to launch a 14-acre residential project to the south of Chennai.

This will be the first of a few such projects involving a total investment of over $100 million (Rs. 620 crore) by the partners, said SG Prabhakharan, Chairman, XS Real Group.

Hayats's investment arm Ariston Hayat RE Assets Investment (Mauritius) and XS Real will jointly float Jacaranda Properties Pvt Ltd, a special purpose vehicle, to implement the project.

The equity portion will be $25 million (Rs. 155 crore) with the Kuwait investor holding the majority stake, Prabhakharan said while declining to specify the individual contribution.

Jacaranda Properties will implement the project planned near the Siruseri IT Park. To be launched in June, the project will offer over 1,500 apartments priced between Rs. 20 lakh and Rs. 50 lakh targeting the middle-income group. The development will be spread over four years.