Realty firm for seniors to complete Rs 500 cr project in 3 yrs

Chennai: A real estate firm focusing on constructing dwellings for retired senior citizens in south India expects to complete Rs 500 crore worth of projects in three years.

The demand for retirement villas and apartments have been growing consistently over the last two years, Covai Senior Care Constructions, Director (Finance and Strategy) P B Anand said.

"Currently we are executing seven projects across South India valued at Rs 500 crore. We expect it to be completed in another three years," he said.

The Coimbatore-based firm is in the final stages of its Rs 50 crore fund raising plan, he said.

"We have investments of Rs 25 crore as equity from an investor based out of United States. We raised another Rs 25 crore through debts. Currently, we are in the fag of it (fund raising plan)" Covai Senior Care Constructions, Director (Finance and Strategy) Anand said.

He said the company is currently doing projects in Bangalore, Chennai, Puducherry and Coimbatore besides planning another project in Kancheepuram.

The company reported revenues of Rs 60 crore in 2011-12 fiscal and aims to register Rs 100 crore this year, he said.

Anand and Covai Senior Care Constructions Managing Director Colonel A Sridharan were here to announce their upcoming two projects at Puducherry and at Sulur near

Coimbatore, both of which are retirment villas and apartments.

Source: http://www.financialexpress.com/news/realty-firm-for-seniors-to-complete-rs-500-cr-project-in-3-yrs/994882/0

Old TNHB flats to make way for highrises in Chennai

Chennai

The Tamil Nadu Housing Board is gearing up for a massive redevelopment plan in which 2,238 old rental apartments will be razed at 17 different locations in Chennai. Most of these apartments are located at Nandanam, Saidapet, Foreshore Estate and Kilpauk.

The board will develop 4,691 highrise apartment complexes at these locations at a cost of 680 crore, said housing and urban development minister R Vaithilingam in the assembly on Tuesday. They will be rented out to government servants and public as per TNHB guidelines.

TNHB will also construct 400 rental apartments at Anna Nagar West Extension and Thiruvanmiyur at 60 crore for government servants and general public. The board will also carry out repairs of its old rental apartments at 10 crore.

The minister announced a list of projects to be taken up by the board this year. The board will construct 3,662 multistoreyed residential units in two phases at 812 crore at Sholinganallur. Similar projects will be taken up at Kancheepuram, Thanjavur, Trichy, Madurai and Tirunelveli districts at 43 crore during the current financial year.

The Slum Clearance Board will construct 2,882 tenements at 145 crore at Srirangam, Trichy, Vandavasi, Tuticorin, Ramanathapuram, Orathanadu and Chennai. Under the Rajiv Awas Yojana, 1,404 tenements will be constructed at Athipattu and Ambattur at 108 crore.

Source: The Times of India, Chennai