The project, named "estancia chennai ", will come up on 78 acres. The estancia chennai project outlay is expected to be around Rs. 1,500 crore apart from the land cost of Rs. 300 crore. estancia chennai Project will comprise a residential zone with 2,000 apartments, a clubhouse, an IT park, a school, a mall, serviced apartments and a hotel. The estancia chenna project will be launched on April 14. The first phase of the estancia chennai project will have 700 residential apartments and will be completed by March 2009. The entire estancia chennai project will be implemented in three phases and completed over four years, according to the promoters.
Addressing a press conference here on Friday, P. Suresh, Managing Director, Arun Excello, said three special purpose vehicles (SPV) would be formed by L&T UIL and Arun Excello to execute the estancia chennai project.Mr. Suresh said estancia chennai would have a residential space of around three million square feet spread over 37 acres and an IT park spread over 27 acres with 2.7 million sq. ft. office space. estancia chennai would also have a retail mall, a hotel and serviced apartments totalling one million sq. ft.
L&T would hold 51 per cent stake. Arun Excello would hold 67 per cent equity stake in the SPV pertaining to the residential portion of the estancia chennai project.
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