CHENNAI: Mumbai-based real estate developers Puravankara Group has earmarked Rs. 1,000 crore for various projects it proposes to take up in and around Chennai. The company had already disbursed Rs. 500 crore for its various on-going projects in Chennai.

Addressing a press conference here on Tuesday, Girish Puravankara, Deputy Managing Director, said the company was launching its residential project at the IT Corridor on the Old Mahabalipuram Road in Chennai.

The Rs. 300-crore project was being built on 11 acres. The construction would begin around May. The project would go on stream in about three years.

Mr. Puravankara said the new project, Purva Swan Lake, comprised 700 apartments. Each apartment would have two to three bedrooms with an area ranging between 1,250 sq. ft and Rs. 1,750 sq.ft. The price of these apartments would range between Rs. 3,400 and Rs. 3,800 per sq. ft. The project would be executed in a phased manner. In the first phase, nearly 30 per cent of the apartments would be ready for occupation, he added.

He said the company, which has been rated by Crisil as an outstanding developer and is ISO 9001 certified, had so far undertaken projects measuring 15 million sq. ft and was having projects for another 60 million sq. ft. Pura Swan Lake would be its first residential project in Chennai. The company had already taken up two commercial projects for IT companies in Chennai.

Mr. Puravankara said the company had a joint venture with Keppel Land of Singapore. Along with Keppel, the company was doing a few projects.

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