Ozone group forays into Chennai real estate market

Chennai: The Bangalore-based property developer Ozone Group has entered the Chennai real estate market by acquiring a 43-acre plot for Rs300 crore. The group plans to build an integrated township with over 2,000 apartments, an IT park and a shopping mall. The total built-up area will be 5.5-million sq.ft.

According to group managing director, S Vasudeven, the group is entering Chennai at an appropriate time.

With land coverage of 23 per cent, water features and large open parks of more than 33 acres, the township will introduce the concept of community living in the city.

The project will also sport a state of the art sewage treatment plant and efficient garbage handling systems. The construction of the proposed project, located in Annanagar will commence in November 2006.

The Ozone group plans projects in Bangalore, Chennai and Goa. In Bangalore, the company has completed an IT Park of 5-lakh sq ft. on Hosur Road, and has commenced the development of three residential apartments and several villas in and around Sarjapur Road and is in the process of commencing a large hospitality and leisure project in Goa.