IANS

Chennai, Feb 19: The city-based Rs.800 crore turnover True Value Homes India Private Ltd has drawn up plans to build a 200-room four star hotel property in Coimbatore in addition to constructing a series of residential housing projects for the middle income group in southern India, a company official said.

"We are planning a 200-bed four star hotel in Coimbatore. Currently studies are on for the project. The hotel will be managed by a leading international chain," Nakshatra Roy, director (operations), told IANS.

The company changed its plans of building a star hotel here in favour of developing a mall, he said on the sidelines of a press meet to announce the company's foray into housing projects targeted at middle income group (MIG).

He said the company has plans to invest around $750 million to develop residential projects in cities like Kochi, Coimbatore, Trichy, Thirupathi, Madurai and multiple locations here.

The company's first such project built near here TVH Svaya was launched Thursday.

"The $60 million project is built on a 13-acre plot on the Kundrathur High Road in Sriperumbudur. There will be 840 apartments of 555 sq.ft - 1085 sq.ft. in the price range Rs.1.4 million and Rs.2.3 million," he said.

According to him, the project is almost complete and possession will be handed to the buyers after September this year.

True Value Homes plans to adopt the same model - construct the apartments and then sell rather than pre-selling the projects.

Roy said the company is also drawing up plans for a luxury apartment in the heart of the city on the land bought from a family trust managed by SPIC group chairman A.C. Muthiah.

According to Roy, the company has a land bank of 550 acres ready for construction and another 600 acres on various stages of procurement.