Rakindo to set up $1.5-bn integrated township in TN

Real estate developer Rakindo Developers has unveiled its plan to build a $1.5 billion (Rs 6,000 crore) integrated township at Coimbatore. It is expected to be ready for launch by the last quarter of 2008. The flagship project of Rakindo Developers in the texcity will be developed over 1,000 acres with an 18-hole golf course as the centrepiece, Rakindo Developers MD Prasad Koneru told ET here on Thursday.

The self-sustaining township would house luxurious golf course villas with scenic mountains and lush greenery in the background. “We are a master developer, who believe in the concept of optimum utilisation of land rather than looking at per sq ft utilisation,” he said.

The project will be independent of the existing infrastructure system, by bringing in a comprehensive facility management, he said. On pricing, Mr Koneru said while golf-facing villas would command a specific price, there would also be high-end and medium-range apartments.

Scheduled to be launched in the third quarter of this year, the project, will be built around the concept of ‘walk to work culture’, which is the central theme of all Rakindo properties. It will also have an IT SEZ, specialty hospital, schools, star hotel, clubhouse and wellness Centre, retail, commercial and residential developments.

Stating that it is not targeting investors but customers, who are desirous of experiencing a township way of life, Mr Koneru said “ultimately, we do not want to create a ghost town as our objective is to creatively service people.”

The exclusive villas would be offered on ‘own by invitation only.’ These modern theme-based townships will offer holistic lifestyle and world-class amenities, he said adding the Kovai township project, located south west on the Coimbatore-Pallakkad route, would have about 20 million sq ft of built-up space. It will be a signature project and an ideal living experience for those who prefer proximity to nature and a global lifestyle.

Rakindo Developers is a joint venture company formed by RAKEEN, a Joint Stock Global Business Company, promoted by the government of Ras Al Khaimah, UAE and the Chennai-based mineral conglomerate Trimex Group.

Rakindo is committed to invest $ five billion in India over the next five years and will on a conservative estimate build about 50 million sq ft. It has several integrated township projects in the pipeline. These include 500 plus acre project at Hosur, 1,000 acre at Gurgaon, 450 acre at Cochin, 250 acre in Trichy and 500 acre in Madurai.

Other projects in the pipeline are a leisure destination project on 250 acre about 70 km south of Chennai east coast road at a cost Rs 6,000 crore. Similarly, at Kumarakom in Kerala it has got 405 acres, where it proposes to set up Rs 1,200 crore gateway to resort living project. Both the projects are expected to kick-off by the first quarter of 2009.

With a land bank of over 3000 acres, Rakindo is aiming for a pan-India presence over the next five years. It has plans to diversify into retail, hospitality, education and healthcare sectors through strategic alliances and partnerships.

Rakindo has a joint venture with global hotel chain Millennium & Copthorne International, which owns and operates over 110 hotels in 18 countries. The JV will invest in business class hotel properties across India. Another joint venture has been signed with Lotus Hotel Investment Fund for investing in three to four star hotels across India.
Rakindo to set up $1.5-bn integrated township in TN- Commercial-Property-Personal Finance-The Economic Times