Embassy plans Rs 1,000 cr township in Chennai

Embassy Property Developments, based in Bengaluru, plans to develop a township in Chennai at a cost of Rs 1,000 crore. Of the total investment, Rs 140 crore will be in equity from foreign institutional investors and promoters. The remaining portion will be funded through sales and booking and construction finance. It has floated a new special purpose vehicle for the same. The company has acquired 25 acre at Perumbakkam. The project comprises 2,037 two-bedroom apartments, 556 three-bedroom apartments and 528 units for the economically weaker sections. The first phase offers apartments ranging between 650 sq ft and 1,400 sq ft. Contact: Embassy Property Developments.Tel: 080-4179 9999. Fax: 080-2228 6912. Website: www.embassyindia.com