Covai Property Centre has lined up Rs 550 crore worth of projects over the next 5 years

Real estate developer Covai Property Centre has lined up Rs 550 crore worth of projects over the next five years, a top company official said here today. The Coimbatore-based firm engaged in developing residential units has so far completed three projects, comprising 200 residential units. Announcing their first project in Chennai -- the 'Serene Adinath' with 220 residential units, Covai Property Centre Managing Director, Colonel A Sridharan said 'in the first phase we will be constructing 120 units, ranging in size from 517 square feet to 1,063 square feet.' He said their focus would be on providing residential units in the Rs 20 lakh to Rs 65 lakh range from single bedroom, to double bedroom houses and villa type residential units On future projects, he said they were undertaking similar projects in Mysore, Hyderabad and Puducherry. 'Our projects in the pipeline are in Hyderabad which we are starting in November. It will have 324 apartments. In Mysore we will have another project having 200 (residential) units. Another project in Puducherry will have 425 units', he said. 'In the next five to six years we hope to have 5,000 units. The total investments will be around Rs 550 crore. It will be raised through internal accruals and joint ventures',he said. He said their focus was on developing retirement apartments as other developers construct a house and sell it. A medical centre with a resident or visiting doctor, resident nurse and a physiotherapist with a fully equipped ambulance would be available to take care of medical needs and emergencies, he said.