India Real Estate Link

KOCHI: The Dewa Group promoted by NRI businessman K Venugopalan Nair is foraying into the real estate sector in Kerala with an Rs30 billion project, which includes a super luxury apartment complex on the Marine Drive here.
The complex ‘Dewa Royale’, spread across six acres of premium property reclaimed as part of the Goshree project, will be launched today, group chairman K Venugopalan Nair told reporters here.
“We will set new standard for residential space creation in the state in terms of quality of construction and construction material,” he said claiming it was the first project in India that provides a 10-year warranty for the entire complex.
The warranty would be applicable for electrical installations, bathing systems and a slew of instruments, which includes even screws used for fixing doors and windows. On offer are 400 apartments facing Kochi backwaters in six towers surrounded by four acres of landscaped garden that would cost around Rs35mn.
According to Nair the entire project will come up in a 22.5 acre land and the first phase would be completed by 2011 at an estimated cost of Rs15billon. The project also includes a five-star hotel and a convention centre. Most of the investors are Kuwait-based NRIs.
The group and its allied companies have substantial real estate holding in the major cities of India, including Bangalore, Chennai, Thiruvananthapuram and the Andaman and Nicobar Islands, he said.
CPG of Singapore is the master planners of the project while the landscaping is by Guy Stuart & Associates of Australia and X-design from Canada handle interior Space management, he said.
The complex also provides state-of-the-art safety systems and facilities, which includes front doors that expand and resist fire for over an hour or bathrooms that sense and takes care of foul smell.