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Project will have 16 apartments on 50,000 sq ft plot

R. Balaji

Chennai, July 4 Vijay Shanthi Builders Ltd, a leading developer known for high-end residential projects, plans to launch a residential project priced at Rs 8-crore-an-apartment.

Mr Naresh Jain, Executive Director, Vijay Shanthi Builders, said that project to come up on Kothari Road, Nungambakkam, would have 16 apartments on a 50,000 sq ft plot.

The apartments would be in three blocks, with each apartment of about 5,000 sq ft with a swimming pool each. The amenities would include squash courts, spa, party hall and a gym.

Mr Jain said that Vijay Shanthi Builders recognised the potential for the high-end apartments in Chennai over three years back and has consistently targeted this segment, where it has established a leadership.

Vijay Shanthi Builders has a mix of projects in the high-income segment and the middle-income segment. The high-end accounts for about 20 per cent in volume but contributes about 35 per cent of its revenue with the balance from the middle-income group.

A total of 15 villa-style apartments are coming up. With each apartment costing about Rs 4.25 crore the project was sold out on the day it was announced last year.

At the high-end, the company does not face resistance from the market. With interest fluctuations not a factor in that segment, “anything sells,” he said.

Vijay Shanthi has also recognised that middle-income group is definitely not something that can shell out Rs 80 lakh an apartment – the reason which most builders face stiff resistance. At the Rs 30 lakh-level there is a gold mine, according to Mr Jain.

More Stories on : Real Estate & Construction | Tamil Nadu

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