Isha homes to construct budget apts at cost of Rs 120 cr

CHENNAI: Real estate developer Isha Homes India would construct its first budget apartments project 'Isha Yara' in the outskirts of the city valued
at Rs 120 crore, a top company official said today.

"The apartments, spread across 5.91 acres in Medavakkam, will house 460 flats on a total built up area of 4.28 lakh square feet," Isha Homes India Managing Director M E Suresh Krishna told reporters here.

Priced at Rs 2,800 per square foot, the units comprise 220 two bedroom, 160 three bedroom and 80 single bedroom apartments, ranging in size between 799 square feet to 1,198 square feet.

Around 240 apartments are expected to be handed over by December 2011 in the first phase and the others, in the second phase by 2012, he said.

The company has raised Rs 20 crore as debt through Life Insurance Corporation - Home Finance Ltd (LIC-HFL), while the balance amount would be met through bookings, he said.

He said surveillance cameras at the construction site would enable customers from any part of the world watch the progress of the project through the company website.

Isha Yara (Water Lady) would have facilities like a basketball court, gymnasium, library, conference hall and a skating rink, he said.

He said the company planned to foray into Tier-II and III cities by next year and were evaluating various options.

The company, which clocked Rs 35 crore turnover last year, expects it to touch Rs 100 crore in this fiscal.