VGN Developers plans seven residential projects over next two yearsre

ChennaiVGN Developers Pvt Ltd plans to invest around Rs 1,600 crore in developing six to seven residential projects in and around Chennai over the next two years. It would raise around Rs 700 crore from a foreign investor for the proposed investment.

The company was planning to raise around Rs 700 crore through FDI, around Rs 800 crore by way of equity investment and Rs 100 crore through internal accruals.

VGN has launched its new mini township project, VGN Brixton, today. The company will invest around Rs 300 crore in the project, of which Rs 60 crore will be through debt, Rs 75 crore by way of equity and the rest from internal accruals.

So far, the company has developed 3.5 million sft through its projects and an additional seven to eight million sft would be developed with the completion of the projects in pipeline.