The Hindu Business Line : Community buzz

Large land banks are being developed into townships with clubhouses, gardens, walking tracks and swimming pools, and often equipped with round-the-clock security and a CCTV connection for every apartment. These townships target the upwardly mobile, double income families who are willing to pay a premium for security and hygienic surroundings.

The change, which started with the garden houses being knocked down to make way for apartment blocks, is moving to the next stage of walled communities. Large tracts of land, in most cases industrial areas that have been in dispute, are being acquired for such development.

Two companies, the city-based SSI Ltd and the Bangalore-based Ozone Group, have already announced plans to set up mega townships in Chennai.

The latest off the block is the Rs 300 crore deal by the Ozone Group, which acquired 43 acres near Anna Nagar. The company plans to develop 5.5 million sq ft of built-up space, which includes an integrated township with over 2,000 apartments, an information technology park and a shopping mall.

The deal is backed by HDFC and Reliance. Mr S. Vasudevan, Managing Director, Ozone Group, said that the company was entering Chennai at the right time when it was witnessing rapid growth and expansion. It has engaged the Singapore-based architect Dr Timothy Seow's studio in association with CPG Consultants for the project.

The IT park inside the township will be spread over one million sq ft while the shopping area will cover another one million sq ft. Only 23 per cent of the 43 acres will be built up. Nearly 33 acres would be landscaped with a water feature and large open parks.

The proposed project, at a cost of Rs 1,500 crore, is expected to feature perennial water supply, sewage treatment plant and an efficient garbage handling system. Work is expected to start in November.

SSI, meanwhile, plans a township in the 70-acre Binny Mills property at Perambur near Chennai, according to Mr Kalpathi S. Suresh, Chairman and CEO. This project envisages a walled or gated community with 24-hour security services.

Mr Suresh said the township would have 6,000 apartments. The company plans to deliver 1,000 apartments a year. The entire project is expected to be ready in six years and would fund itself. Each apartment would cost about Rs 30 lakh.

The facilities on offer include a school, two to three swimming pools, a dozen play areas and a five-km walking track around the township's perimeter. SSI is also looking at other litigated properties around Chennai for similar projects. In another project near Mahabalipuram on the East Coast Road, where SSI has about 37 acres, it plans to build resorts for people who already own homes in Chennai. This second home would offer them an additional investment option.

The total built-up area would be around 1.5 million sq ft and the project cost about Rs 140-150 crore, he said.

More Stories on : Real Estate & Construction

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page