FIRE Luxur launches 'The Empyrean'

Foreign Direct Investment funded Integrated Satellite Urban Village, sprawling over 210 acres, to be developed on outskirts of Bangalore, at cost of US $350 Million

New Delhi, October 14, 2009: FIRE Luxur Developer Pvt. Ltd. today announced the launch of Phase 1 of its township 'The Empyrean' at Bangalore. Sprawling over 210 acres, the township will be the largest low-rise residential development on the outskirts of the city. The project was inaugurated by Hon'ble Justice K.N.Singh, Former Chief Justice of the Supreme Court of India. Gracing the occasion was the presence of Mr P.C. Mohan, Member of Parliament.

FIRE Luxur Developers Pvt. Ltd. is a JV company formed between FIRE Capital Fund, a Private Equity Fund focused on Indian Real Estate and Mr. Prabhu Ramchandran, Director of The Nilgiris Group, with a project outlay of over USD 350 million.

Speaking on the occasion, Hon'ble Justice K N Singh said, 'I am extremely happy to see that FIRE Luxur will give opportunity to the younger population of Bangalore to again experience the beauty of Bangalore of yore. The low rise development, amidst the natural surroundings and eco friendly environs will make the youth appreciate the finer nuance of life and give them a breather in their hectic lifestyle'

Commenting on the launch, Mr. Om Chaudhry, CEO, FIRE Capital Fund said, "Bangalore is a fast growing city where the real estate market is still in its nascent stage. The strong demand for real estate has opened new growth corridors as development expands to suburbs. We are among the first movers who have taken advantage of this opportunity to bring a modern project which is reminiscent of Bangalore of yore. Given our expertise in developing townships and our partner's experience, we are confident of creating a new benchmark for township development in the city."

The Empyrean is located on the outskirts of Bangalore, towards east of Whitefield, away from the congestion of the city. It's proximity to five existing and upcoming IT Hubs, is expected to make it a preferred destination among the IT/ITeS professionals. The low rise, low density residential development has multi- housing option including five spacious options of villas with sizes ranging from 2,095 sq ft to 5,500 sq ft, very attractively priced at an average overall price of Rs 2250 per sq ft.

The residential options will also have 2-BHK and 3-BHK uniquely designed Courtyard Homes, which are on offer at an average overall price of Rs 1750 per sq ft. The project will have a total of around 2200 units, which FIRE Luxur plans to launch in different phases. All the major amenities are clustered at the centre of the Township, with a Clubhouse, Primary School and Shopping Centre nestled around a Central Park, designed in neighbourhood cluster format providing easy on-foot accessibility for every resident. The integrated township, is planned as an idyllic, green, low rise, pedestrian-friendly and community oriented neighbourhood.

The project has already received Environment Clearance from the State Level Environment Impact Assessment Authority, Karnataka and the Layout Plan Approval from Department of Town & Country Planning.

Masterplanned by world's second largest architectural firm, Aedas Pte. Ltd., based out of Hong Kong, the project is planned to be an Eco-Friendly one, with conservation and planning initiatives such as Rain Water Harvesting, Water Table Recharging through Lakes, Solar Energy, Solar Heating for Individual Homes, and use of construction materials that are eco-friendly.

'The Empyrean' will have a number of features that will make it venerable for a comfortable living. Over 100 acres of open / green spaces is planned within. The project is adjacent to 200 acres of green reserve area.

Says Mr Prabhu Ramachandran, Director of Nilgiris group, "Participation of a Foreign Direct Investment Private Equity Fund, will add value to the project. 'The Empyrean' will be developed as a modern 'Garden City', offering a differentiated proposition in a city dotted with frantic real estate growth. We are confident of making a mark in the city market in a short span of time."

FIRE Capital is a leading Real Estate PE fund with projects spread across the country. This is the third investment in India after 'Silver Springs' in Indore and 'The Empyrean' in Nagpur. In just two years time, it's project 'Siver Springs' has already constructed more than 1.5 million sq. ft. built up area at Indore. 'The Empyrean' at Nagpur is a self sufficient and fully integrated township sprawling over 150 acres, adjacent to MIHAN- the upcoming cargo hub in Central India.

As a key promoter of the project, FIRE Capital Fund, will not only be the financial partner of The Empyrean but will also be actively involved in the management of the project throughout its development life cycle, providing leading global best practices necessary for development of world class real estate projects.

The first phase of the project will be ready for possession in about two years' time.

Mr Prabhu Ramachandran, Director of Nilgiris Group; Mr Rajiv Luthra, Managing Partner, Luthra & Luthra Law Office; Mr Steve Beunder, internationally reputed masterplanner and Dr Sanjiv Aundhe, COO, FIRE Luxur were also present on the occasion.

Source : Equity Bulls

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