The Hindu Business Line : Vijay Shanthi targets HNIs for Thaiyur project

Vijay Shanthi Builders Ltd, which has Rs 1,000-crore worth residential projects in the pipeline, is launching a project targeted at high net worth individuals in the 35 to 40 age group, according to Mr Naresh Jain, its Executive Director.

The project called Club Cabana is at Thaiyur on the Old Mahabalipuram Road and is coming up on a six-acre plot.

Mr Jain said there would be 21 bungalows each costing Rs 1.5 crore. Each bungalow of 3,500 sq ft will have a private swimming pool in the backyard, a covered deck for private poolside barbecue parties, a clubhouse just to mention a few features.

The bungalows would be constructed on just 10 per cent of the property. The remaining land will be landscaped with water bodies, trees and greenery.

Mr Jain said residents would not be allowed to drive up to the house. They would have to park their vehicles at an alighting point and then walk or use a golf buggy or bicycle.

The other features at Club Cabana are recycled water for gardening and flushing, solar power and minimum use of wood in common areas.

Mr Jain said the company has a land bank the acquisition worth of which is Rs 230 crore. He said there are 12 projects, which would be ready in a year to three year's time. The funding for these projects are mainly from internal accruals, he said.

The company is planning to cater to the premium market with apartments between Rs 1.75 crore and Rs 8 crore each. These projects are centrally located in areas such as Egmore, Kellys and Nungambakkam.

He said there was demand for up market apartments from high net worth individuals.

The customer profile of premium apartments shows that just 10 to 15 per cent are from the IT industry, a large percentage are chief executives from other industry. An equally large number of the buyers of these premium apartments are those who have sold their bungalows in the city and are reinvesting in apartments in upscale areas.

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