NRI group to invest Rs 3,000 crore in Kerala | business | Hindustan Times
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NRI group to invest Rs 3,000 crore in Kerala

business Updated: Apr 30, 2008 20:09 IST
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Leading real estate and infrastructure development group with NRI roots, Dewa Group is foraying into the real estate sector in Kerala with a Rs 3,000 crore project, which includes a super luxury apartment complex here.

The complex 'Dewa Royale', spread across six acres of premium property at the Marine Drive in the city, will be launched on Saturday, Group chairman, K Venugopalan Nair told reporters in Kochi Thursday night.

The group would set new benchmarks for residential space creation in the state in terms of quality of construction and construction material, he said claiming it would be the first apartment venture in the country, which would be providing a 10 year warranty for the entire complex.

The warranty would be applicable for electrical installations, bathing systems and a slew of instruments, which inclues even screws used for fixing doors and windows.

The entire project will come up in a 22.5 acres land. The first phase, being built at an estimated cost of Rs 1,500 crore, will have six towers comrprising 400 apartments surrounded by four acres of landscaped garden. This is expected to be ready by 2011, Nair said adding each apartment would be approxiately priced at Rs 3.25 crore.

The project also includes a five star hotel and a convention centre.

Dewa Projects Private ltd is a venture promoted by a group of NRIs based in Kuwait.

The group and its allied companies had substantial real estate holding in the major cities of India, including Bangalore, Chennai, Thiruvananthapuram and the Andaman and Nicobar Islands, he said.