Pragnya Fund, a global private equity fund and investor, has partnered with VGN to develop a Rs 160-crore housing project in Chennai. The project, VGN Hazel, is expected to come up near Poonamallee. T Srinagesh, CEO, said the fund would own 74 per cent of the project. This is its second project in Chennai, the first being with L&T. It would be spread across 5.67 acres and have a total of 781 units across six blocks, each block comprising a basement, stilt and 14 floors. Starting from 570 sft to 1,647 sft, it will consist of 1-BHK, 2-BHK and 3-BHK apartments. It will be ready by 2015.