Dewa Projects Private Ltd., a venture promoted by a
group of NRIs based in Kuwait, will build a super luxury apartment complex
on Marine Drive in Kochi. K. Venugoplan Nair, chairman of the company,
said the project would set new benchmarks for residential property.
The apartments will have a 10-year warranty. Kitchen, bathroom fittings,
doors and other fittings would be provided by top companies in Germany,
Italy, Australia and Canada. The complex will have six towers comprising
400 apartments surrounded by four acres of landscaped garden. It will
have a quake-resistant structure. The price of a three-bedroom apartment
will be more than Rs.3 crore.
The company has substantial real estate holding in major cities including
Bangalore, Chennai, Thiruvananthapuram and in the Andaman & Nicobar
Islands. The company was investing Rs.3, 000 crore for the Kochi project.
, which would be completed by 2011. It had conducted a study which revealed
that Kochi had high potential in the real estate sector. Luxury apartments
were in short supply, Mr. Nair said.