Chennai: Realty firm Lancor Holdings Ltd has forayed into budget housing segment by launching a project near Chennai.
Announcing 30 years of its entry into real estate business, Mallika Ravi, group CEO of Lancor Holdings said the company had forayed into budget housing segment by launching Townshire residential project in Sriperumbudur to cater to the needs of large number of employees working in companies near Oragadam, Sriperumbudur and Thiruvallur.
Townshire gated community will have 520-590 sft sized apartments for a price of Rs 13.50-15.50 lakh, Lancor said.
She said the company had been managing the project cost through bank loans, while it may even look at private equity funding at the project level. It had the potential to develop five million sft of new residential space with the available land bank, she said.
Lancor has clocked a turnover of Rs 137 crore in the last financial year; and in the first nine months of the current fiscal, turnover has been at Rs 117 crore.
The total built-up area of the company's existing projects is over two million sft, with a total 700 residential units completed, said RV Shekar, chairman of Lancor.