Ozone plans Rs 1,200-Crore township project in Chennai

CHENNAI: Bangalore-based Ozone Group will launch a Rs 1,200-Cr mega township project in Chennai in April. The project, to come up over 42 acres near Anna Nagar, will offer 3.8 million sq ft residential space, 1.1 million sq ft of retail space, including a six-screen multiplex, and a four lakh sq ft of hotel & service apartments. It is to come up in phases after obtaining approvals.

"We have started construction of sales & marketing office with a 40,000 sq ft of display area, for home furnishing and building materials as part of customisation with different alternatives in planning stage itself," S Vasudevan, managing director, Ozone Group told ET.

Ozone Projects, an SPV floated by it, had acquired the 42 acre prime property about an year ago for close to Rs 300 crore. While Ozone Group holds 34%, HDFC has 25% stake in the SPV. In addition, Reliance Capital and Reliance Industries (RIL) has 19% and 16% equity stake, respectively, with Ruchi Soya holding the balance 6% .

The residential space will offer 7-8 different types including town houses, pent houses and studio apartments amongst others. "In addition, 50 guest rooms, which will be jointly owned and maintained by the resident community, besides a 70,000 sq ft club house will form part of the project," Mr Vasudevan said.

He said entire township will be ready in 42 months time. The retail and hospitality space will be ready in 24 months, while the residential area will be completed over three phases, with 600 units per phase, between 30 months to 42 months. "We intend to offer residential space at Rs 5,000 per sq ft and units will come up in varied sizes from 1,550 sq ft to 4,700 sq ft," he said.

Mr Vasudevan said the company is in the process of initiating tendering system to select the construction and other partners for the project. The entire township will offer an international lifestyle ambience, starting with security to wireless connectivity and maintenance.