mishthi

The newly formed venture of Lanco Group, Lanco Horizon Properties Private Limited has entered into a Joint Development Agreement for developing 47.58 acres at old Mahabablipuram road, Chennai.

The property would be developed as an integrated township consisting of residential towers, shopping space and service apartment with a built-up area of approximately 4 million sq ft.

The project is estimated to cost Rs 600 crore and would be completed within 36 months from the date of plan approvals.

This would be the second largest property development initiative undertaken by Lanco. The maiden initiative is the development of 100 acres of Lanco Hills Technology Park located at Manikonda, Hyderabad, with a total built-up area of 30 million sq.ft.

Lanco Group Chairman L Madhusudhan Rao said the joint development model being adopted for the Chennai property is distinct from the township route adopted in Hyderabad.