VGN Developers to build 37,700 residential units in 5 years

September 22nd, 2008 - 6:54 pm ICT by IANS  

Chennai Sep 22 (IANS) City-based VGN Developers Pvt Ltd will build 37,700 residential apartments under different segments during the next five years. The sale value of these projects will be to the tune of Rs.114 billion, a senior official said.”The total sale value of the projects will be to the tune of Rs.114 billion,” said company’s Managing Director D. Pratish.

He said the projects are planned in Padikuppam, Mogappair, Velappanchavady, Vandalur, Ambattur, among others. The company is promoting eight apartment projects totalling to a constructed space of around 30 million sq. ft.

“The Ambattur and Vandalur projects will be mini townships. The first project spread over 60 acres will be shortly launched and the 65 acre Vandalur project will be launched in 18 months time,” Pratish added.

The company would fund the projects with a mix of debt, internal accruals and the advance received from buyers. He said the group is also planning to enter Tamil Nadu and Kerala.

“We are now set to cash on our land bank in and around Chennai acquired over the past several years,” V.N. Devadoss, chairman said.

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