Vasathi Housing plans projects in Chennai, Bangalore

Vasathi Housing Ltd, a Hyderabad-based realty company focusing on 'affordable luxury', has finalised plans to expand its presence by taking up new ventures in Hyderabad, Bangalore and Chennai which entail an investment outlay of about Rs 400 crore over the next 12 months. “The company has a land bank of about 55 acres in Hyderabad and Bangalore and is close to finalising a deal at OMR in Chennai. While the Bangalore project will begin by March this year, the Chennai project is likely to be taken up by the year- end,” Mr P.V. Ravindra Kumar, Chairman and CEO of Vasathi Housing, said. Speaking to Business Line along with Mr Satish Vankayalapati, Co-Chairman of Regional Holdings of the US, said the company which had investments of $10 million is set to raise funds to part-fund the expansion phase. “We believe that there is a market for projects which provide the right comforts at affordable prices,” they said. Mr Vankayalapati said the company would raise about $100 million during the year and the new investments would be spread over the next 18 to 24 months as new projects come up in Hyderabad, Bangalore and Chennai. The company is currently executing a 400-apartment venture near Outer Ring Road here with a built up space of about 5,40,000 sq.ft. The Vasathi Anandi project, which entails 400 apartments, would be fully completed by November-December 2012. This project has helped position us in a segment that the company describes as affordable luxury with average price at Rs 2,500 per sq.ft. The company recently secured ISO quality certification which has been awarded to select number of realtors in housing segment, they said. Source: http://www.thehindubusinessline.com/companies/article2771812.ece