The Hindu Business Line : Vijay Shanthi Builders looking at mass market segment

Chennai, Oct. 16 Vijay Shanthi Builders Ltd, a Chennai-based builder catering to the premium segment, is looking at constructing over 1,000 apartments for the mass market segment through various projects in the Chennai suburbs.

According to Mr Suresh Jain, Managing Director, Vijay Shanthi Builders, the company, which has focussed on the premium segment with each apartment costing a few crore rupees, will expand into a new market segment. It plans to offer two- and three-bedroom apartments in the Rs 25-45 lakh range.

The company will soon launch a Rs 135-crore project. Mr Jain said that it refers to

a 6.5-acre property in Madhavaram, a suburb to the north of Chennai, where it will construct 300 apartments.

These would be 1,300-1,500 sq ft each with two- and three-bedrooms and study. There may also be some 1,000 sq ft apartments also, he said.

While the specifications of the individual apartments would be tailored to meet the cost, the quality and the overall planning, design and landscaping would match any high-end project, he said.

Untapped potential

Vijay Shanthi believes that there is an untapped market in this segment and plans to offer more such projects.

With the rising costs, apartments are going out of reach of the average wage earner, Mr Jain said.

The company has plans to announce a 400-apartment project spread over a 10 acre area, off the Old Mahabalipuram Road to the south of Chennai. This would come up on the road linking Kelambakkam-Vandalur. This would be in the Rs 35-45 lakh segment.

Through another project, Vijay Shanthi Builders would offer over 400 apartments to the west of Chennai at Pattaraivakkam, near Ambattur. This would be in the Rs 25-35 lakh segment, he said.

The company would continue to focus on the premium segment also, Mr Jain said.

These projects would mean that the company’s offering in the residential segment would span the price range from Rs 25 lakh to Rs 8 crore an apartment. The company has plans for constructing apartments in the premium segment for about Rs 8 crore an apartment at Nungambakkam, a residential area in the heart of Chennai.

It has plans for more premium projects in Egmore, where an apartment would set the buyer back by about Rs 3 crore, a multi-storeyed project in Kellys, and a row houses project at Paiyur a suburb to the south of Chennai, where each unit would cost about Rs 1.5 crore.

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