New high end housing projects set to hit Chennai
Chennai: Around a year ago, the average prices of top-end residential projects situated within the city’s prime areas ranged from Rs 3 to Rs 6 crore at the top end in large blocks of over 100 apartment units each.
However, compared to last year the scene has drastically changed. The present scenario is comprised of projects that together are ten times larger, at prices that begin where the prior projects left off.
Over the period of the next few years, above thousand apartment units would be launched via a dozen projects within the heart of the city. These projects are being launched by developers such as Casa Grande, Vijay Shanthi, ETA Star, Alliance Orchid Springs, DLF, VGN, Leela Prime Properties, Gayatri Realities, Prestige Estates to name a few. These projects are estimated to offer each unit from around Rs 5 crore to above Rs 10 crore. Majority of these projects are to be established in neighborhoods which in the 1970’s were considered as “average neighborhoods”; for eg: Egmore, Nungambakkam, Vepery, Santhome and Adyar, etc.
As per leading developers of the city, each and every prime neighborhood of Chennai has the potential to be the coveted residential addresses for high net worth individuals.Fit and finish:
It is tough to maintain huge independent houses, the middle class is considering peripheral localities where in new projects are rapidly coming up, and there is a demand for quality of life in the city. Huge developments can proffer that kind of lifestyle as common amenities, the size and design can easily reflect international standards, wherein apartments offer a ‘bungalow-like feel’, along with more open spaces that can be created with high-rise buildings.
Realty experts believe that with land costs soaring in the city the benchmark prices are inevitable. In majority of prime residential localities within the city, land prices are well above Rs 11,000 to 12,000 per square feet in regards to the built up space, which is the cost of the Floor Space Index (FSI).
Additionally, real estate experts also believe that demand for apartment units priced up to Rs 10 crore within small projects does exist; as people desire something which flaunts their taste, their lifestyle, something which is a reflection of their individuality; whether it is the flooring or the bathroom fixtures and fittings.
Keeping these perception in mind, a host of builders have been developing projects to attract and allure this segment of home buyers.
SPR Group announced a project offering individual houses for about Rs 25 crore to Rs 30 crore to come up on Nungambakkam High Road. Another project by the same group which is to come up on EVK Sampath Road, Vepery would be offering 40 apartments priced at about Rs 7–9 crore each.
Appaswamy Real Estates is planning a project of over 100 apartments are to come up near Foreshore Estate with most of them priced around Rs 5-8 crore, some penthouses at about Rs 10 crore each.
A residential project located at Greenways Road would soon be launched by ETA Property Developers. This project would be offering 51 apartment units priced from Rs 4 crore to Rs 9 crore. At around Rs 20,000 a square foot, ETA Property’s development within this prime locality would be competitively priced in comparison with few of the other projects being launched within the coming year. A four-floor project is being developed by Isha Homes in Alwarpet. Each unit has been priced at around Rs 7.5 crore.
