The Hindu Business Line : Ozone expanding Chennai presence

The Bangalore-based OzoneGroup is expanding into the mid- and entry-level segments in residential space with the launch of new projects in Chennai, according to Mr K. S. Sudarshan, Chief Operating Officer, OzoneGroup.

The company, which is putting up a 42-acre township project in Chennai positioned in the premium segment, now plans to launch two or three more projects in the suburbs in the entry level and mid-priced segments. OzoneGroup has so far focussed only on the luxury segment. The new projects will be purely residential, in line with the market trends. The company is looking at a 10-20 acre project on Poonamallee High Road to the west of Chennai priced at about Rs 30 lakh a unit and a couple of locations on the Old Mahabalipuram Road (IT corridor) in the range of Rs 20 lakh a unit.

The Metrozone, a Rs 2,500-crore ongoing township project of 8.5 million sq.ft, will have 1,700 residential units spread across 29 towers, a 1 million sq.ft mall, a 15-17 screen multiplex, an office block and hotel. The residential area will be spread across 23 acres with 29 residential towers and will have 2- to 4-BHK (bedroom-hall-kitchen) units ranging from 1,555 sq.ft to about 2,660 sq.ft and penthouses of 3- to 5-BHK of about 2,800 sq.ft to 4,800 sq.ft.

Metrozone will cater to the premium segment with the residential units ranging from Rs 95 lakh to Rs 1.5 crore. Penthouses are priced between Rs 1.7 crore and 2.8 crore.

OzoneGroup plans to set up a 200-500 KW solar power facility in the Metrozone, Mr Sudarshan said.

It has tied up nearly 70 per cent of the mall space with leading retailers and hypermarket operators, including Reliance, Shoppers Stop, Landmark. The company is in the advanced stage of a tie-up with a multiplex operator — a leading international player and a top operator in the domestic market are in the fray, he said.

The company expects to deliver over seven residential towers between June and September 2011 and complete the residential project handing over in stages by 2012.

Jain Housing project for middle class

The Chennai-based real estate developer Jain Housing and Constructions has floated Jain Estates, a firm for plotted layout sales. Mr Sandeep Mehta said that the projects by the firm will target the middle class segment in the manufacturing sector. The first of its project will be in Sriperumbudur an industrial suburb to the west of Chennai. The 32-acre layout will have 1,200 sq.ft plots and a built-up area of 683 sq.ft or more. The pricing will be around Rs 12 lakh and customers will have the option to buy empty plots also.

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