New Delhi, Oct 14 (IANS) Real estate major FIRE Luxur Developer has started developing the first phase of its Bangalore township, "The Empyrean", the company said Wednesday.

FIRE Luxur, a joint venture between private equity fund FIRE Capital Fund and the city-based Nilgiris Group, will invest $350 million to develop the first phase of the project.

Sprawling over 210 acres, the township will be the largest low-rise residential development on the outskirts of the city.

Om Chaudhry, chief executive of FIRE Capital Fund, said: "Bangalore is a fast growing city where the real estate market is still in its nascent stage".

The township will have multi-housing option including five spacious options of villas with sizes ranging from 2,095 square feet to 5,500 square feet, priced at an average price of Rs.2,250 per square feet.

The project will have a total 2,200 units, which FIRE Luxur plans to launch in different phases.

The first phase will be ready for possession in two years.