The Hindu Business Line : Suryavardhan Estates plans mall in Chennai

The Chennai-based Suryavardhan Estates plans to develop a 2.5 lakh sq ft mall and an upmarket residential complex on the Old Mahabalipuram Road (OMR).

Suryavardhan Estates Pvt Ltd is promoted by Tarapore & Co and by the Sadrangani family, which promoted Spencer Plaza.

The residential project is coming up on a 3.65-acre site at Kazipattur on the OMR, and is being marketed by High Street Residential, a wholly owned subsidiary of Trammell Crow Meghraj, international property consultants.

Mr Sanjay Chugh, Head-Agency, Trammell Crow Meghraj, said there will be 248 apartments, with two, three and five bedroom apartments, 16 duplex penthouses in six towers. The super built-up area would range from 1,380 sq ft to 3,750 sq ft. The sale price is Rs 2,700 per sq ft, Mr N. Radhakrishnan, Director, Tarapore & Co said.

Mr Chugh said that there was almost 12 million sq ft of IT space being developed on the OMR, it is expected that 30,000 jobs would be created in this area. He said even with a conservative conversion rate of 10 per cent, at least 3,000 houses would be required, as most people would prefer to stay close to their place of work.

The retail space, Coromandel Plaza, will be located at Navalur on the OMR. The mall will come up in two acres and will have a hypermarket, anchor store, multiplex, food court and other stores. Mr Radhakrishnan said both the projects are likely to be completed by March 2008.

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