The Hindu Business Line : DLF lowers price for residential project in Chennai

Mega project
The project is at Semmancheri about 15 km from Chennai.
Two-bedroom apartments start at Rs 35 lakh and three-bedroom apartments from Rs 45 lakh.

R. Balaji

Chennai, Jan. 11 DLF group, which is soon launching its first residential project in Chennai, off the IT corridor, has priced it about 25 per cent lower than that of similar projects in the area. This is likely to have an impact on residential project prices along the IT corridor, say developers.

The company, which has made a soft launch of the 60-acre project, DLF Garden City, has announced a ‘tentative’ pricing of Rs 2,800-3,000 a sq ft for the first phase.

Over 700 apartments of 1,200-1,700 a sq ft each of two-and-three-bedrooms are being marketed. The project is at Semmancheri about 15 km from Chennai.

Quality apartments

DLF is likely to peg the prices closer to Rs 2,800 than Rs 3,000, say sources in the know. The company wants to set a new benchmark for quality apartments, and sees Rs 3,000 as a limit, which it does not want to cross for its base price. Two-bedroom apartments start at Rs 35 lakh and three-bedroom apartments from Rs 45 lakh.

Among builders, opinion on the pricing ranges from ‘competitively priced’ to ‘realistically priced’ but they say it is bound to have a telling impact on prices in the vicinity.

Most leading brands with a countrywide presence and local players have projects going on at OMR. The prices quoted by the developers are well over Rs 3,500 a sq ft and they are facing market resistance. As of now over 5,000 apartments are under construction, apart from that announced by DLF.

Potential buyers

At DLF Garden City, the company plans to build 32 multi-storey structures of stilt+19 floors with 4-6 apartments in each floor meaning that over 3,500 apartments are planned in the project in phases.

DLF has pegged the apartments as luxury apartments with the amenities that go with the project including a school by the Padma Seshadri group of institutions, a leading school-brand in Chennai; a healthcare centre run by Fortis group, with a 10-bed mini hospital; a mini-mall with the department store and a club house of about 1.25 lakh sq ft with a 75-room guest house of 4-5 star standards.

Potential buyers are expected to pay about Rs 4-5 lakh for an initial booking with project completion expected in about two years from the date of launch.

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