City-based Binny Ltd is venturing into the real estate space and will be setting up an Integrated Township through development agency model within the Binny Mills complex in Perambur, Chennai. The 71- acre-project will entail investments to the tune of Rs. 5,000- Rs. 6,000 crore. The existing dilapidated mill building, a prominent location in many Tamil films, will have to come down, sources said.

“Yes, we are coming out with a township. It would be a mix of both residential and commercial space. Work will commence by the second half of 2015,” M. Nandagopal, executive chairman, Binny Ltd, toldThe Hindu. “80 per cent of the township will be residential in nature and 20 per cent commercial. There will be retail activity too. A mall, hospital, and school are also on the cards,” he added.

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