Rakindo plans Rs 6k crore realty project at Coimbatore

Written by Corporate Bureau | Chennai, Apr 22 | Updated: Apr 23 2008, 06:07am hrs
Rakindo Developers Pvt Ltd, Indias first real estate master planner and developer, is setting up an integrated township project at Coimbatore with an estimated investment of Rs 6,000 crore ($1.5 billion). Rakindo Developers is a joint venture company formed by RAKEEN, a global business company promoted by the government of Ras Al Khaimah, UAE and Chennai-based mineral conglomerate Trimex group

The project - Kovai Hills - will be developed over 1,000 acres with an 18 hole golf course as the centrepiece. The project involves setting up of luxurious golf course villas with scenic mountains and lush greenery in the background. Rakindo will offer these exclusive villas on Own by Invitation Only, a first for such project in Tamil Nadu. The project is located southwest on the Coimbatore-Palakkad route and will have about 22 million sq ft of constructed space.

According to Prasad Konery, managing director, Rakindo Developers, our vision is to create theme-based townships which will offer holistic lifestyle and world class amenities. The Kovai township project will be a signature project and will provide an ideal living experience.

Scheduled to be launched in the third quarter of this year, the self-sustaining township project will also house an IT SEZ, specialty hospital, schools, star hotel, clubhouse and wellness centre, retail, commercial and eesidential developments among host of things, he said. Rakindo is committed to investing $5 billion (Rs 20,000 crore) in India over the next five years and will on a conservative estimate build about 50 million sq ft. The company will in the course of next 12 months announce a slew of new projects in Kerala, Tamil Nadu and Karnataka, he said further.

With a land bank size of over 3,000 acres, Rakindo is fast evolving as one of the biggest players in the Indian realty industry. The company plans to establish a pan-India presence over the next five years with a slew of projects. The company also plans to diversify into retail, hospitality, education and healthcare sectors through strategic alliances and partnerships.