Work for the upcoming townships would commence anytime between 3-6 months, said Jackbastian Nazareth, chief executive officer, Hiranandani Communities.
On asking why the company is going for township model, he said, this would increase or change the valuation.
The 400-acre Chennai project was kick started in 2005-06 but was delayed due to a slowdown in the market and one of the key investors Hirco has pulled out.
Hirananandani has committed to pay Rs 3,000 crore to the lenders including HDFC, Tata Capital and YES Bank. The project was put back on fast track. Today 20 per cent of the project is completed and it has been occupied by the customers also. Another 20 per cent will be operational in another 12 months.
For the first time, the company has started selling plots in this project and also announced its re-entry into affordable housing through the Chennai project. The company has allocated around 30 per cent of the land in the project for the affordable housing. It may be noted, the real estate group started its journey from the affordable segment and later got into luxury and premium luxury.
The Oragadam project, which spread over in 400 acres of land, is a mixed-used integrated township, located at the automobile hub of Oragadam, around 40 kms from Chennai. The hub houses auto majors including Nissan, Daimler, Royal Enfield, Apollo Tyres and many multinationals.