Media Release
Hyderabad
11 June 2007
LANCO Horizon Properties Pvt Ltd, a newly formed venture of LANCO Group, has entered into a Joint Development Agreement for development of 47.58 acres land located near SIPCOT Industrial Estate, Siruseri on Old Mahabalipuram Road, Chennai. The property would be developed as an Integrated Township consisting of Residential Towers, Shopping Space and Service Apartments with a built-up area of approximately 4 million sq ft. The project is estimated to cost Rs 600 crore and would be completed within 36 months from the date of plan approvals.
This would be the second largest property development initiative undertaken by LANCO. The maiden initiative is the development of 100 acres of LANCO Hills Technology Park located at Manikonda in Hyderabad with a total built-up area of 30 million sq ft.
Reacting to the development LANCO Group Chairman L Madhusudhan Rao says “LANCO is gradually building up its portfolio in the property development space. The joint development model being adopted for the Chennai property is distinct from the ownership route adopted in Hyderabad. This clearly indicates the willingness of LANCO to innovate and adopt different growth strategies.”
LANCO Group is one of the fastest growing corporate entities in India. LANCO has more than two decades of experience operating in the core sectors of Power Generation, Power Trading, Realty, Engineering and Construction, Information Technology and Manufacturing. At present, the power portfolio includes an operating capacity of 518 MW and additional capacities under construction aggregating to more than 3,200 MW. The Construction and EPC division of the company is executing various orders worth more than Rs 5000 crore. |