Chennai's old Mahabalipuram road is set to see a huge supply of residential property -- 10,000 new apartments, with 4 major residential townships. All on the back of investments to the tune of Rs 4,000 crore, reports CNBC-TV18.
Chennai 's old Mahabalipuram road is set to see a huge supply of residential property -- 10,000 new apartments, with 4 major residential townships. All on the back of investments to the tune of Rs 4,000 crore, reports CNBC-TV18.
National developers are betting big on Chennai's IT highway - old Mahabalipuram road in the outskirts of the city.
The foreign real estate fund, Pacifica Group , is investing Rs 1,000 crore in a mixed use township that will have 4,500 apartments to offer. The Hiranandani Group is investing Rs 2,000 crore. Hyderabad-based developer Lanco has announced a Rs 600-crore investment in the area. While Bangalore-based Purvankara Group is bringing in Rs 200 crore to build 730 apartments.
The companies are counting on the demand from the estimated 4 lakh IT professionals the Chennai's IT corridor will bring in. Vikram Agnihorti , Regional Head , Pacifica Companies , says, "We think in time it will develop into a full blown suburb for the city. And, predominantly what we have seen in other cities is that people like to work-to-work and do not want to spend much time traveling. That is the reason we feel residential has huge potential here."
While the IT influx is the major attraction, industry experts say they prefer Chennai to other South Indian cities because it does not depend solely on the IT industry. All this attention has caused land prices in OMR to double in the last six months from Rs 15 crore an acre in December last year to nearly Rs 30 crore an acre now.
The first apartment complexes being built here are currently being pre-booked at Rs 4,500 rupees per sq ft and the companies building here believe that they will see a 10%-15 % appreciation on this price year-on-year.
Chennai 's old Mahabalipuram road is set to see a huge supply of residential property -- 10,000 new apartments, with 4 major residential townships. All on the back of investments to the tune of Rs 4,000 crore, reports CNBC-TV18.
National developers are betting big on Chennai's IT highway - old Mahabalipuram road in the outskirts of the city.
The foreign real estate fund, Pacifica Group , is investing Rs 1,000 crore in a mixed use township that will have 4,500 apartments to offer. The Hiranandani Group is investing Rs 2,000 crore. Hyderabad-based developer Lanco has announced a Rs 600-crore investment in the area. While Bangalore-based Purvankara Group is bringing in Rs 200 crore to build 730 apartments.
The companies are counting on the demand from the estimated 4 lakh IT professionals the Chennai's IT corridor will bring in. Vikram Agnihorti , Regional Head , Pacifica Companies , says, "We think in time it will develop into a full blown suburb for the city. And, predominantly what we have seen in other cities is that people like to work-to-work and do not want to spend much time traveling. That is the reason we feel residential has huge potential here."
While the IT influx is the major attraction, industry experts say they prefer Chennai to other South Indian cities because it does not depend solely on the IT industry. All this attention has caused land prices in OMR to double in the last six months from Rs 15 crore an acre in December last year to nearly Rs 30 crore an acre now.
The first apartment complexes being built here are currently being pre-booked at Rs 4,500 rupees per sq ft and the companies building here believe that they will see a 10%-15 % appreciation on this price year-on-year.
Lots of money is being invested here, i hope this project does not turn out to be disappointment.
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