KOCHI, 26 April 2008 — Dewa Group promoted by NRI businessman K. Venugopalan Nair is all set to foray into the real estate sector in Kerala with the launch of a Rs.30 billion project, which includes a super luxury apartment complex on the Marine Drive here.
“We will set new benchmarks for residential space creation in the state in terms of quality of construction and construction material,” Group Chairman K. Venugopalan Nair told reporters here 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 4 acres of landscaped garden that would cost around Rs.35 million.
The entire project will come up on a 22.5 acres land and the first phase would be completed by 2011 at an estimated cost of Rs.15 billion. The project also includes a five star hotel and a convention center. Most of the investors are Kuwait-based NRIs, Nair said.
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.