Lancor Holdings eyes Rs 400-crore revenue from new housing project

NEW DELHI: Realty firm Lancor Holdings today said it is expecting a turnover of Rs 400 crore from its new housing project in Chennai.

In a filing to the BSE, Chennai-based developer said the company had acquired 6.44 acre of land at Potheri, GST Road from L&T Urban Infrastructure Ltd.

"The company has obtained permission for conversion of wet land and is in the process of launching a residential project, which has the potential of 8,00,000 sq ft of built up area, with an estimated turnover of Rs 400 crores at a margin of 25 per cent," it added.

When contacted, company's Chief Executive Officer Mallika Ravi said the land was bought two years ago.

"We will soon launch this project which will have around 700 apartments," she said, adding that project cost would be around Rs 300 crore.

Lancor Holdings has completed about 50 projects mostly in Chennai with a built up area of 4 million sq ft. It is developing currently 4 projects. It has also developed projects in Bengaluru, Kolkata and Coimbatore.

The company's scrip closed at Rs 99.10, down 2.51 per cent, on the BSE.