When Rakindo Developers, a joint venture between Rakeen, a company promoted by the Government of Ras-Al-Khaimah and the Trimex Group in India announced the launch of ‘Orchids', a gated-community, affordable housing project in Kovaipudur last January, the promoters got only a ‘lukewarm' response to their proposition.
Now, 18 months later, Rakindo's Chief Executive, Dr Prashant Koneru, says the company is ready to launch the second phase of Orchids.
“Initially, the selling proposition was tough. The project promoter was new and the visitors to the site perceived that it was quite far away from the city. This is history now. Today, with the first phase of the project nearing completion, we have people asking us if we have more such gated community residential blocks on the cards,” says Rakindo's Manager (Sales), Mr S. Syed Jamaludeen.
Located at a distance of around 13 km from the Coimbatore Railway Station with the scenic beauty of the Western Ghats towering in the background, and with the golf-themed integrated township – Kovai Hills, coming up on the other side of the road, the demand for housing in that area appears to have shot up.
The area earmarked for Orchids (Phase I and II) is 18.45 acres. The promoters floated 260 apartments and 75 row houses under the first phase of the project.
“Our launch price (Phase I) was Rs 1,600 per sq feet. But in the last 18 months, with the steep rise in the cost of steel, cement, sand and labour, we have also upped our price to Rs 2,000 per sq ft. This appreciation is applicable only for those investing in the houses left unsold, which is about 25 apartments and 29 row houses,” Dr Koneru said
Phase II though is expected to be costlier than Phase I, with the promoters mulling to price it between Rs 2,300 and Rs 2,450 per sq feet. ‘We opened the booking last month. Our plan is to go ahead with the construction of two and three bedroom apartments ranging from 951 sq feet to 1,236 sq feet and numbering 240 and 95 row houses in the second phase.
Row houses will have 1,600 sq ft of living space, a small patch of green at the front and approximately 400 sq ft of open space in the backyard of every home.
“We plan to introduce smart card security system and amenities such as a 12,000 sq ft club house including a swimming pool, gym, indoor games, banquet hall, crèche and convenient store. An outdoor basket ball court and tennis court are also in the offing,” Mr. Syed Jamaludeen, Manager - Sales, said.
The developer has already commenced construction of 64 apartments under the second phase of Orchids. According to Dr Koneru, Rakindo would start handing over the apartments and row houses (under phase I) to the respective investors in the next couple of months.
On labour, he said ‘this has been our biggest challenge, with costs equalling Delhi labour at Rs 270-280/day. Even at this rate, getting reasonably skilled workmen has not been easy.”
COIMBATORE: The frenetic pace of real estate activity in the suburbs is attracting some big ticket investments. Rakindo Developers is developing Kovai Hills', an integrated township at Kovaipudur near the city. The launch of the project is planned for end-2011.
Rakindo has also launched its budget apartment project Orchids' at Kovaipudur. It is offering flats with 650-1600 sqft space. The phase-1 of the project, which would have 300 units, has been fully booked and would be ready for delivery by 2012, said Prashant Koneru, CEO, Rakindo Developers.
While Kovai Hills Golf Academy with a 9-hole par-3 golf course is ready, the 18-hole championship golf course would be completed by the end of 2011. Rakindo has tied up with Erode-based CS Academy, which would build a CBSE school in the township. It would also develop a 60-acre sports village within the township and is tying up with the Mahesh Bhupathi Tennis Academy.
Rakindo, a joint venture between Rakeen, owned by the Government of Ras Al Khaimah, UAE, and Trimex, a minerals mining group, is investing Rs 1,000 crore on the integrated 1,000-acre township project.
Rakindo Developers Pvt. Ltd., is constructing a 18 hole championship golf course at Kovai Hills, an integrated township in Coimbatore on foothills of western ghats. Investment for the project is around Rs.6000 Crore.
The golf course, spread over 200 acres, was built at a cost of around Rs 25 crore.
The golf course also has India's first academy with a 9 hole par 3 course. The country club nearyby has an Olympic-sized swimming pool, gym, flood-lit tennis courts, indoor squash courts and a multi-cuisine restaurant and bar.
With scenic mountains and lush greenery in the background, the project involves setting up of
Rakindo Developers Pvt Ltd, India's truly world class+ master planners, developers and lifestylists, is setting up an integrated township project at Coimbatore with an estimated investment of Rs 6,000 crore ($1.5 billion). Rakindo Developers is a joint venture company formed by Rakeen, a global business company promoted by the Government of Ras Al Khaimah, UAE, and Chennai based mineral conglomerate Trimex Group.
The project - Kovai Hills - will be developed in 850 acres with an 18 championship hole golf course as the centrepiece. The project involves setting up of luxurious golf course villas with scenic mountains and lush greenery in the background. Rakindo will offer these exclusive villas on ‘Own by Invitation Only’, a first for such a project in Tamil Nadu. The project is located Southwest on the Coimbatore-Palakkad route and will have about 22 million sq ft of constructed space.
A UAE based project development company, Rakeen, and Chennai based mining firm Trimex Group plan to jointly invest up to $5 billion (Rs19,850 crore) over five years in the Indian real estate market to develop various projects in one of the fastest growing economies in Asia.
Rakeen, promoted by the Government of Ras Al Khaimah in the UAE, has partnered with Trimex to form a 50:50 joint venture company known as Rakindo Developers Pvt Ltd.
Rakeen has already invested $100 million in India and will invest another $100 million in the next few months. Rakindo will raise the $5 billion through a mix of debt and equity.
As borrowing in the overseas debt market is not allowed for Indian developers, the joint venture company will raise funds in India, Dr. Prashant Koneru, Managing Director, Rakindo Developers, said.
The $5 billion investment by Rakindo would be one of the largest investments in the Indian real estate market by a company based overseas.