A 1.5 million sq ft residential project with an expected turnover of $120 million is due to come up in Siruseri, Chennai by June, with the XS Real Group and the middle-eastern Hayat Invest Company jointly setting up a Special Purpose Vehicle called Jacaranda Properties Pvt Ltd to develop the project.
While the companies declined to disclose their shareholding in Jacaranda, they did disclose that Hayat Invest Company holds the majority. Chairman of XS Real Group S G Prabhakaran said that the project will aim to close the gap between the 18 million sq ft of residential space that 4.5 million employees who worked in the Siruseri area, needed and the 2 million sq ft the area currently had.
The project will be a mid segment construction with units priced in the range of `20 - 50 lakh. It will comprise an estimated 1400 units, ranging between 500-1100 sq ft, and will come up in 4 phases. Founder Chairman of Hayat Invest Co Nabeel Al Mannae said that the project marks the investment firms entry into the Indian realty market.