The Hindu Business Line : Vijay Shanti Builders' premium apartments snapped up in a day

High-end sale
There will be five blocks, with three floors with the ground floor for recreation space, car parks, lumber-room and driver's rest room.
The complex would have a clubhouse, gym and swimming pool with a party area for 200 guests.

Chennai , Nov. 22

The demand for apartments at the premium end in Chennai seems to be great as the 15 apartments of Vijay Shanthi Builders, priced at Rs 4.25 crore each, were snapped up in 24 hours.

Mr Naresh Jain, Executive Director, Vijay Shanthi Builders, said that the marketing for the project started within the group two months back.

The apartments were all sold out in one day and the company has realised Rs 64 crore as sale value.

The buyers were mainly CEOs and NRIs - professionals such as doctors - who plan to come back to India.

Vijay Shanthi Builders plans to construct the apartment complex, of a total built-up area of one lakh sq ft, at the upmarket Rutland Gate Road in central Chennai.

The construction would start this month and be completed in 12 months.

The company decided to go in for high-end residential space because research by it showed that there was demand in this segment mainly from the corporate and NRI segments.

The apartment blocks are coming up on 22 grounds in which the company had invested Rs 29 crore for land acquisition six months back, Mr Jain said.

The key differentiator will be the tropical gardens on every floor, which can be viewed from the master bedroom, kitchen and living room.

There will be five blocks, with three floors each and the ground floor for recreation space, car parks, lumber-room and driver's rest room.

Each apartment would be spread over 5,000 sq ft with exclusive elevators from the front lobby and a separate service entrance with both elevator and stairs.

Each apartment will have four bedrooms with servants' quarters and a utility room.

The complex would have a clubhouse, gym and swimming pool and a party area for 200 guests.

ELECTRONIC SURVEILLANCE

Mr Jain said that the company would provide electronic surveillance for the residents. This would include closed-circuit television monitoring public areas and electronic perimeter fencing to guard against intruders.

An added security measure would be radio frequency identification tags on residents' cars.

A reader at the gate would identify and permit the vehicle to enter the premises.

The company would undertake the maintenance of the complex.

The buyers would have to pay Rs 2 lakh towards a maintenance corpus fund and Rs 2 per sq ft as maintenance every month.

This would ensure that the residents get 24-hour water, 24-hour stabilised power and security.

More Stories on : Real Estate & Construction | Tamil Nadu

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