Bangalore-based Prestige Group has joined hands with the Rattha Group in Chennai for developing an integrated residential township project in Chennai.

Spread over 25 acres and to come up near Porur, a fast growing western suburb of Chennai, the project will be implemented at an estimated cost of Rs 1,000 crore and will be developed across four million sq ft of residential space.

“This alliance was forged keeping in mind Prestige Group’s track record for large-scale landmark developments. Though Chennai residential market is growing rapidly, there is an increasing need for integrated and self-sustained townships. This prompted us to plan this development with the Prestige Group,” H S Rattha, managing director, Rattha Group said.

“This project will be a landmark development in Chennai and targeted at the larger housing requirement of this market. The project, which will be completed in four years, will offer all modern facilities and amenities including a school,” Irfan Razack, chairman and managing director, Prestige Group said.

The growing urban population in the country is creating the necessity for development of residential townships. With the core city areas getting more and more saturated, people are moving towards the suburban areas and satellite towns. Hence, the need for integrated townships that can provide all facilities such as schools, hospitals, restaurants and entertainment facilities and even office space if possible is rising than ever before.

“The other advantage is that such projects are seen as a viable investment opportunity for FDI and other investors. This is seen to be a growing trend across the country as these projects are properly phased and can be scaled up over a period of time, depending up on the demand supply situation in the market,” he added.