True Value signs pact with CPI for Home Projects

Chennai: Construction company True Value Homes has set up a joint venture with CPI India 1 Ltd to implement a Rs 700-crore residential project near Chennai.

Mr Nakshatra Roy, Director-Corporate Operations, True Value Homes India Pvt Ltd, said CPI India 1 Ltd, a $1.3- billion fund, is bringing FDI into the project, being promoted through a special purpose vehicle — TVH Estates Chennai Pvt Ltd.

The project, Ouranya Bay, coming up near Muttukadu, about 30 km south of Chennai, will have over 860 apartments spread over six towers of 29 floors each.

The towers will have two levels of car parking and 27 levels of apartments ranging from 1,230 sq to 2,084 sq ft. The launch price of the apartments is pegged at Rs 3,100 a sq ft.

Facilities include 30 serviced apartments, 24 sky gardens, one gym, two stretcher elevators and two passenger elevators in each tower and a helipad on the roof for emergency use. The project spread over 17.5 acres is designed by international architects Surbana.

Singapore tie-up:

A unique feature of the project will be the construction technology. True Value Homes has tied up with the Singapore-based MS61 to construct the towers.

The joint venture company for project management, Morpheus Project Management Consultants, will use MIVAN System, a technology provided by MS61.

The entire structure will be of reinforced concrete without use of bricks or mortar, he said.