Alliance Infrastructure to build Spanish villas in Chennai
22 Dec 2006
According to Majoj Namburu, chairman and managing director, Alliance Infrastructure Projects, each replica of the villa will be on a plot size varying from 2000sq.ft to 3,500sq.ft and will have between three and five bedrooms. The cost ranges between Rs65 lakh to Rs2 crore. "We also offer a one-year warranty on the construction," he says.
The company is targetting NRIs, corporates, and top executives.
Meanwhile, the company is gearing up to launch its other projects in Chennai and Coimbatore.
In Chennai it will shortly launch a 20-acre integrated township project, Orchid Springs. The Rs500 crore project will comprise 1,100 luxury apartments, a 2.5 lakhsq.ft software park, a mall and a 4-screen multiple. According to Namburu, Alliance Infrastructure will also build a 4-million sq.ft information technology (IT) industry-specific special economic zone (SEZ) near Chennai. The project cost is estimated to be around Rs1,400 crore.
In Coimbatore the company has signed an agreement with the Lakshmi group to develop its 13-acre plot.
On the whole, Alliance Infrastructure has projects worth Rs2,250 crore. According to Namburu, the company does not hold up the actual construction till all the plots or apartments have been sold out. "We construct the building first and then find buyers,"he says. However, he would not reveal the financing of these projects. "The land is acquired from the promoters' contribution and we have some bank loan sanctions."
