Real estate developer Ozone group will develop 2 crore sq.ft. of space in residential and commercial-focused projects in four cities.
The real estate company plans to develop homes, townships, IT parks, a hospital, hotel, school and shopping malls across the cities of Bengaluru, Chennai, Mumbai and Goa at a cost of Rs.7,000 crore.
Srinivasan Gopalan, CEO, Ozone Group said that construction of mega projects – Ozone Urbana Bangalore, Ozone Metrozone Chennai and in Goa – was apace, while the 1.2 lakh sq.ft. project in Mumbai’s Kalina was yet to be announced.
Ozone Metrozone Chennai, a luxury apartment project, will be the first one to be completed by 2018, followed by the Mumbai Kalina project the same year. A residential project in Whitefield Bengaluru will be completed by 2019, the project in Goa by 2022 and Urbana Bangalore by 2024.
Urbana Bangalore is the biggest project in size (150 acres) and is located close to Bengaluru airport. It comprises an integrated township with a hospital, hotel, restaurant, offices, retail village and school, whereas Mumbai Kalina property is the smallest one. On the other hand, Ozone Metrozone Chennai is coming up near Tirumangalam metro rail station on 42 acres. It consists of 1,640 flats in 27 blocks, of which six blocks have been handed over. The integrated township will also have a club house and a shopping mall. Recently, Ozone Group signed a MoU to launch a 250-bed hospital in Ozone Urbana Bangalore. Ozone Group will develop the 2.5 lakh sq.ft. property by investing Rs.50-60 crore. BR Life will operate and manage it. The civil work will start by January 2016 and will be completed in three years.
“Despite the weak sentiment prevailing in the market, Metrozone Chennai is the fastest selling property for us in the South. On an average, we have been selling 30,000 sq.ft per month. In the last 12 months, we made bookings of Rs.1,100 crore,” he said.
“We have been offered land parcels by 42 parties. But, we are going slow as one small misstep might land us in trouble,” he said.
Ozone group is backed by Urban Infrastructure Opportunity Fund. Almost Rs.3,000 crore has been invested in the ongoing projects through a combination of debt and equity from various private equity funds.