New mini-township project by Omshakthy Agencies
Chennai-based real estate developer, Omshakthy Agencies, has proposed a new 150 acre gated mini-township project at Tirumudivakkam near Chennai. It is planning to raise around Rs 150 crore through the private equity (PE) route for the project.
The initial investment is expected to be around Rs 300 crore, of which 50 per cent would be raised through PE, said R Ramachandran, chairman and managing director of Omshakthy Agencies.
Omshakthy Agencies is expecting Rs 3,500 crore sales revenue from the entire project, which would be executed in three phases. Phase-I development on 50 acre of land would commence in 2013.
The company, at present, has a land bank worth around Rs 250 crore. With a turnover of Rs 100 crore last year, the completion of its two projects this year is expected to reflect on the performance with its turnover expected to touch Rs 300 crore.
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Source: Business Standard
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