VGN launches residential project in Chennai.

VGN Developers has launched a 10-acre residential project in the heart of the city at an aggressive ₹6,999 a sq ft.

VGN Fairmont coming up in Guindy in southern part of Chennai will offer over 1,300 apartments ranging from 637 sq ft to 1,721 sq ft. Apartment prices start from about ₹49.5 lakh.

Announcing the project at a press conference on Wednesday, Pratish Devadoss, Managing Director, VGN, expressed confidence that the project will draw buyers even under the present slow market conditions. The attractive pricing and the location within city are key factors, he said.

VGN had acquired the property close to Kathipara Junction from HTL in 2013. All statutory approvals are in place for the project.

The apartments will be distributed across five towers of 14 floors each. Fairmont will also offer retail space, a 40,000 sq ft club house and other modern amenities. Over 200 apartments have been sold in the pre-launch phase which is an indication of the demand, he said.

While the tough market conditions have resulted in a few months delay in delivery in some of its projects, VGN has a good track record with delivery of over 5,000 houses in the last seven years, he said.


HBL