Vasavi Builders to launche seven projects

Chennai: Residential property developer Vasavi Builders has announced its foray into serviced apartments, commercial buildings and townships.

The company has chalked out an investment of Rs 300 crore over the next two years for its proposed expansion. The 15-year-old company has launched seven new projects – four residential and three commercial – covering a total area of 574,000 sft to be developed in various parts of Chennai. These projects will be completed by March 2010.

“We will formally launch these projects by March end,” P Badrinath, managing director, Vasavi Builders, said.

The estimated cost of the seven projects is about Rs 191 crore and the company expects to fund the same through a mix of sale of apartments, bank loans and internal accruals.

The new residential projects will come up in Pallavaram (102 units), Kelambakkam (62 units), Porur (62 units) and Medavakkam (200 units). The projects will offer 2 or 3 bedroom flats with areas ranging between 800 sft and 1,400 sft.

The cost per sft will vary between Rs 3,000 and Rs 3,500 depending on the location. The projects in Pallavaram, Kelambakkam and Porur are expected to be completed by October 2009 while the Medavakkam project will be ready by March 2010.

Vasavi is also building a 70-unit serviced apartment in Chemmencheri on Old Mahabalipuram Road, IT corridor of Chennai. It is also building a food court at Toraipakkam and an office complex at Wallajah Road.

PB Krishnaprasad, CEO, Vasavi, said the company was looking at the serviced apartment segment in a big way on the back of shortage of hotel rooms in south India. It is looking at various locations for developing serviced apartments.