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R. Balaji

Range of projects launched on Tamil New Year's day

Chennai April 15 Integrated township, the new phase of real estate development in Chennai, was kicked off with the launch of some projects by prominent developers.

Among a range of projects launched on the Tamil New Year's day are the first integrated township project, Estancia, a joint venture between Arun Excello and L&T; the Hiranandani Upscale, a residential township, by the Mumbai-based Hiranandani Constructions and a lifestyle apartment complex; Puravankara Swan Lake, by Puravankara Projects Ltd.

These promise not just living space but an entire package based on walk-to-work concept with a self-contained community offering features like entertainment facilities, hotels and clubhouse.

Upmarket

These are high-end apartment blocks that cater to the burgeoning segment of the market with large pay packets — those who can afford apartments upwards of Rs 40 lakh.

The promoters say the demand is an indication of the need for quality space — quality not just of construction but also of life. These are projects that are coming up in areas considered among the fast developing sections of the city — the Old Mahabalipuram Road (OMR) and the industrial belt along the GST Road (NH 45).

Hiranandani Township

Hiranandani Upscale is on the IT Corridor (OMR). This township promises a business hotel, shopping centre, school and entertainment facilities for its residents.

Mr Surendra Hiranandani, Managing Director, Hiranandani Constructions, says his company sees Chennai as a major centre for growth. With the State Government focussing on education and infrastructure, there are increased investments. These in turn will drive the demand for housing. Upscale is for the upper end of the middle-income group segment.

Hiranandani Constructions is looking at more projects that will tap a wider segment of the market, he said. As he sits at the project office, business around him is brisk as buyers go through brochures, layouts and plans. Apartments are being booked fast.

Other projects

The Estancia, the first integrated township project according to its promoters, coming up on GST Road, has in addition to residential apartments, an IT park, retail mall, hotel, serviced apartments, school and residential apartments.

Mr P. Suresh, Managing Director, Arun Excello, the promoters of Estancia, says buyers started coming from six in the morning.

Mr S. Hariharan, General Manager, Developmental Projects, L&T, said that buyers came from a range of sectors, including automobile, manufacturing and IT. A township offers the various amenities and proximity to work space.

Mr Naina Cariappa, Vice President (Mktg & Sales), Purvankara Projects, says Swan Lake offers full fledged, lifestyle apartments. The reception for the project has been "very, very good".

In the pipeline

The Dubai-based ETA Group recently announced plans to set up a 1,500-acre township at Sriperumbudur 40 km south of Chennai at a cost of Rs 12,000 crore. It would have a school, medical centre and golf course.

The Gateway is one such project coming up on GST Road near Tambaram. The project is a joint venture between Shriram Properties and Sun Appollo. Spread over 60 hectares it would have an IT park, retail mall, hotels and serviced apartments.

The Chennai-based Marg Constructions is setting up a 50-acre township at Alathur on the IT Corridor.

More Stories on : Real Estate & Construction | Infrastructure | New Projects | Tamil Nadu

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