Godrej Properties (GPL), the real estate arm of Godrej Group, today launched its first venture in Chennai, the Rs 450 crore 'Godrej Palm Grove'.

Pirojsha Godrej, Executive Director, GPL, said 1,556 modern apartments would come up over 12.5 acres along NH-4 Bengaluru Highway ranging from 1,188 sq ft to 1,489 sq ft.

Armed with a pre-certified Gold rating by the Indian Green Building Council, each apartment will cost "roughly"  between Rs 50-60 lakh, he told a press conference here.

"Chennai is one of the most important real estate markets in the country and had been doing well for the past years even when the market had not been so good in other cities," he said.

He said the project, a joint venture with Addison and Co, would be completed in three to four years.

Indicating at delays in approval process for such ventures all over the country, he said governments should understand that such delays could result in escalation of property prices.

The venture will house amenities such as club house and swimming pool among others, he added.