Mint Homes gets into housing project in Sowripalayam

Coimbatore: Mint Homes, a part of the Rs 300 crore US-based realty development and construction group, is launching its first housing project ‘The Retreat’ here on February 1.

The Rs 100-crore project is coming up in 2.785 acres at Sowripalayam off Avanashi Road.

Briefing newspersons, Mr Raj Natarajan, Director, Mint Homes, said the project would have 136 luxurious apartments. “It will comprise two and three bedroom apartments and the pricing will range from Rs 49 lakh to Rs 73 lakh.”

The promoters have designed the project to consist of four towers – with 40 apartments in the first tower and 32 in each of the other three towers. The first tower, according to Mr Natarajan, would be ready by March 2009.

He categorically stated that Mint Homes would not sell the units to speculative investors. “Speculative investors affect communities. We have inserted a ‘lock-in’ period clause in our agreement to keep speculators at bay.”

The company is looking to develop an integrated township in an area of 250 acres in and around Coimbatore in the next phase. To a query on the unrealistic and unreasonable land rates, he said, “the asking rate is high, phenomenal, but the transaction price is not so”.

Mint would set up its corporate base here, and look at establishing its projects in Mysore too, he added.