The Hindu Business Line : Olympia plans residential project in Chennai

Plans ahead
Project to be implemented through special purpose vehicle Olympia Infratech Pvt Ltd.
In the first phase, 900 apartments are to come up on an 18-acre spread at Navalur near the Siruseri IT Park on OMR.

R. Balaji

Chennai, Nov. 20

The promoters of Olympia Tech Park, the 1.8-million sq ft IT park, are launching a 45-acre residential project on the Old Mahabalipuram Road (OMR) which would be ‘aggressively’ priced.

The Chennai-based Khivraj Group and the two Kolkata-based co-promoters, Space Group and MK Group, among the promoters of Olympia Tech Park, are to launch the project soon under the Olympia brand.

Pricing

According to market sources, a significant feature of the project would be the pricing, Rs 3,300-3,500 a sq ft. This is an indication of the trend on OMR, the hub of IT investments in Chennai, where big names tended to announce projects priced at over Rs 4,000 a sq ft.

Real estate watchers say that the correction on OMR was happening with projects priced at the ‘sub-Rs 4,000 levels.’ Projects on OMR are likely to be priced at about Rs 3,500 a sq ft and those off the OMR would be well below Rs 3,000 depending on the distance. At these levels there is enthusiastic demand, they say.

Project

Mr Ajit Chordia, Managing Director, Khivraj Tech Park, while declining to comment on the pricing said the project would be implemented through a special purpose vehicle, the Olympia Infratech Pvt Ltd, which in the first phase would construct over 900 apartments on an 18-acre spread at Navalur near the Siruseri IT Park on OMR.

The clearance has been obtained for the high-rise towers with ground plus 19 floors. There would also be a clubhouse with a built up space of over 100,000 sq ft – one of the largest in a project of this kind, he said.

Olympia Brand

The project, Olympia Opaline, marks the extension of the Olympia brand into the residential segment, Mr Chordia said.

Olympia is now a registered brand with Khivraj Tech Park and would be the group’s flagship brand.

Olympia Tech Park was among the largest green buildings – environment friendly and energy efficient – and recognised by the US Green Building Council with LEED Gold Rating. The group would now use this brand recognition for all its projects that will have an emphasis on technology and concern for environment, he said.

Khivraj Tech Park has also announced earlier another residential project at Egatoor on OMR on an 80-acre spread. A total of 3,000 apartments would be constructed at Navalur and Egatoor.

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

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