Binny set to launch ₹3,000-cr township project in Chennai.

A 70-acre township project, the largest of its kind in the heart of Chennai, will take off with a soft launch soon.

The ₹3,000-crore project on the landmark Binny Mills’ property in North Chennai is being developed in a joint venture, SPR-Binny Construction Pvt Ltd. SPR Construction, the partner is a developer of premium projects.

The project, which has got debt-funding support from Piramal, has received most of the approvals and will be soft launched within one week, according to Pankaj Ojha, Chief Marketing Officer, SPR Construction.

The BSE-listed Binny Ltd had announced in November 2014 that it will diversify into real estate with the integrated township project through a “Development Agency Model”.

Ojha said the plan has been crystallised over the last two years to provide a well-planned township with a 18-acre residential area offering over 1,900 apartments spread across eight towers of 27 floors or more each and a 28-acre commercial area which will be unique. A villa space is also in the works but the details are being finalised.

The masterplan and zoning for the project in Perambur, a well developed area in North Chennai, has been done by Morphogenesis which has an international presence and is known for its Indian style in architecture.

A unique feature will be the commercial space which will be well-organised extension of the traditional, diverse wholesale businesses in North Chennai. This wholesale hub will help traders expand their traditional businesses and serve as a modern offering for the younger generations, he said.

As an integrated township, the project will offer modern amenities, such as mall space with a 10-12 screen multiplex, a reputed school spread over two acres and a business hotel.

The project design is based on an extensive market survey. L&T has carried out a detailed traffic survey which will be presented to the authorities concerned to upgrade the area, he said.


HBL