Vascon to pump in Rs2000 crore in Chennai township
Vascon Engineers Ltd, in association with Balakh Realtors Pvt ltd, has announced an investment of Rs2000 crore to develop a 105 acre township. The company would be developing around 10 million sq ft in four phases, over a period of 6 years.
The project is located at Oragadam, a town and industrial area located in the outskirts of Chennai, Tamil Nadu. Strategically located between Grand Southern Trunk and NH4, Oragadam is touted as Chennai’s largest and most developed industrial belt. With over 22 Fortune 500 companies, of which six are global car manufacturers, the Sriperumbudur-Oragadam belt has seen tremendous industrial growth.
The area is well-connected via road and rail and according to industrial experts, presence of automobile giants such as Renault-Nissan and Ford has triggered growth in and around Oragadam. Vascon already has presence in Chennai as an EPC player, building Tamil Nadu Assembly Complex (Block-B).
According to Mr R Vasudevan, Managing Director of Vascon Engineers Ltd, “Real estate development in Chennai has witnessed several transformations over the past four to five years. The resultant flood of working professionals and their families, complete with residential and shopping demands has increased the potential of urban development in the area. We see great real estate potential in Oragadam”.
“Vascon made their foray into the South Indian real estate market in Coimbatore just three months ago with their project – ‘Tulips’. The roaring success and the warm welcome that Tulips received has made us confident to venture into a project of this magnitude”, he added.