Chennai beckons luxury housing projects

Chennai:

Another luxury nest mushroomed in the city on Thursday as Chennai based Real Value Promoters announced the launch of their latest and  extremely prestigious  project “Czar’s”.

Considered to be Chennai’s most expansive and expensive apartments  located in the heart of the City, the opulent mega project is located on the influential and celebrated Greenways  road  in RA Puram.

Spread over 10.5 grounds of land, the project will house 18 flats. Each flat will be in the size of 4500 to 6000 sq.ft and would cost between Rs 18 to Rs 20 crore.

Real estate developers feel many more luxury projects would emerge as the development projects are catching up.

T Chitty Babu, Chairman and CEO of Akshaya Pvt Limited feels that luxury and super luxury housing in Chennai is set to grow due with emergence of new players in the market.

Babu had recently launched Abov, the tallest residential building in Tamil Nadu at Kazhipatturon Old

Mahabalipuram Road with 31 homes. Each house is priced at Rs 7 crore and already one third have been sold out, says Babu.

Ganesh Vasudevan, CEO, Indiaproperty.com, states that with limited available land parcels within Chennai city limits, the land acquisition cost is obviously high especially in posh localities of Chennai.

There s always a waiting list of Chennaites who want to reside in posh localities like Boat Club, Alwarpet, Adyar. So whenever a developer launches a new residential project in these localities, he already has his target clientele who are ready to invest in exclusive luxury projects in Chennai,” he says. The point to be noted here is that most of these projects are two – four storied buildings built on small land parcels (small compared to suburban projects), having limited inventories.

Appaswamy Real Estates, Ramaniyam, Chaitanya Builders, KGS Developers, Akshaya are some of the leading developers who deal with such projects.

Talking about his project V S Suresh, chairman and managing director, Real Value Promoters claims his project will script a new chapter in the history of how luxurious homes are built. So do the other developers. But with the luxury housing trend catching up in the city, it is still a distant dream for many to dream of owning a home in Chennai as the prices have gone up. It is believed that Chennai has around 40,000 units of unsold homes and around 10 months of its inventory unsold due to sudden spurt in the real estate prices.