CLA launches twin residential projects in Mysore

Bangalore: Capital Land Assets (CLA), a group company of the Rs 5,000-crore Alliance Group, announced the launch of twin residential projects in Mysore. The projects, Palm Springs and Palm County, would be high-end villa and plotted ones respectively spread over 45 acres.

The company, which has invested about Rs 55 crore so far, expects revenues of Rs 200 crore from these projects.

About 100 villas price ranging between Rs 70 lakh and Rs 1.25 crore, and 250 plots price range from Rs 24 lakh to Rs 40 lakh, are being planned at the site. “There is a warranty attached to all these properties,” said Mr Manoj Numburu, Chairman and Managing Director, Alliance Group.

The group, with a land bank of 475 acres, has three projects in Chennai, one each in Hyderabad and Bangalore, and two in Coimbatore. Of the group’s land bank, CLA owns 45 acres.

The latter is in the process of acquiring lands for a 150-acre gated community project on Sarjapur Road, Bangalore.

Mr Numburu said that Alliance Group is focussing on Bangalore, Mysore and Chennai now, and has plans to enter the hospitality sector. Four hotels are being planned — one each in Chennai and Hyderabad, and two in Bangalore, he said.

He added that the group has sought private equity funding at an SPV level. One SPV with Westport Capital from Los Angeles in the US, which holds 49 per cent in a Rs 120-crore villa project at Hyderabad, has already been divested.