19-12-07
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NRI real estate firm invest Rs 100 cr in Coimbatore
Mint Homes, the US-based Rs 300- crore real estate development and construction group, promoted by a non-resident Indian, is investing Rs 100 crore in high class housing, resorts, eco tourism and integrated organic farms in Coimbatore.
According to Raj Natarajan, director, Mint Homes, the investment, raised fully internally without loans, is planned over two years for high-end residential and hospitality projects through the Indian arm, Mint Homes Pvt Ltd. ``The company has started construction on 2.7 acres in Sowripalayam for developing an integrated high-end housing complex and the project will be launched in January next year,'' he said in Coimbatore on Tuesday..
The company proposes to build four towers and the first one would be ready by January 2009 and the other three by that year-end. A park and club house would be completed before the residential complexes in March 2008, Raj told FE from Coimbatore. ``Mint Homes will also be looking at developing 250-acre township projects in selective tier-II cities like Coimbatore and Mysore, he said.
Raj said the distinctive feature of this NRI venture would be the two to ten year warranty that comes with materials and workmanship besides its transparency and reliability. ``We will manage the complex and community for 10 years and then handover the management to the residents,'' he said.
The company chose Coimbatore for the debut venture for its ``large scope for infrastructure development, availability of educational and healthcare institutions, hospitable people besides the weather and beauty of the city."
Mint Homes looks ahead with plans for setting up resorts, promotion of eco-tourism and rising of fully integrated organic farms, Raj added.
Financial Express , Dec 18. '07
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