The Institute for Financial Management and Research is selling off a 16,800-sq.-ft parcel of land at Nungambakkam, in the heart of Chennai. This is a part of the more than 55,000-sq.-ft campus on which the Institute is located. According to a newspaper advertisement, the plot is ideal for high-end development such as consulates, offices and luxury residences.

According to market sources, the area has emerged as a destination for luxury apartments and individual homes for high net-worth individuals.

Market estimates peg the price of the seven-ground plot (2,400 sq. ft a ground) at about Rs 5-7 crore a ground. An end user looking to build a home in a ‘better part of Nungambakkam' may be willing to look at the higher end in this range. But it is most likely that a developer planning a luxury project may be interested at the lower end of that pricing range, going by market outlook in that area, said a real estate watcher. For instance, a premium developer is constructing a project on a plot close to the Institute. Apartments in the project are being sold at about Rs 20,000 a sq. ft. Also, another similar plot is available along an adjacent road at Rs 5-6 crore a ground.

The Institute has called for bids for the property up to July 20. It is bound to evoke keen interest in the market, said the sources.

Accessing property info made easy

IndiaProperty.com has sought to make house hunting either for purchase or renting easy by launching a mobile application. According to Mr Ganesh Vasudevan, Vice President and Business Head of IndiaProperty.com, a property portal, the customers have three options now. One is register for notifications that will be pushed to them on their mobiles. The other is for ‘augmented reality search' or visual search. If a customer has chosen an area, he can search for about 1 km around that area for properties on a map or as a list.

The third option is to point the mobile camera towards the entrance (of the building) and details of the available properties would be flashed on the screen according to the customer's requirement even before getting in touch with the advertiser. Mr Vasudevan said the since launch of this facility about five weeks ago, the company has been witnessing about 500 downloads a day. Around 15,000 users were using it on their mobiles and about 5,000 searches a day were taking place on mobiles alone. He said, “We were surprised at this number ourselves.”

ADDing a landmark

Archean Design and Development, the real estate arm of $550-million Archean Group, has launched ADD Albatross in Chennai. The luxury residential project, a flagship project for Archean Design, will include three towers of ground floor and 27 floors in the first phase, according to a press release from the company. Leading brands are involved in the project with Architects SRSS Singapore; Meinhardt Singapore handling civil works; IBA New York the façade; Sitetectonix Singapore for landscape; and Windtech Australia for wind-tunnel engineering to craft the 537-apartment project spread over 8.35 acres on the IT highway, Old Mahabalipuram Road, close to the Siruseri IT park.

The towers offer 2.5- and 3-BHK lifestyle apartments, duplexes and penthouses. The construction has started this month with houses targeted for handover in 2015. Some of the unique lifestyle amenities of the project are a learning centre, orchard with camping site, water slides with waterfalls, Tai Chi Garden with an area for the elderly, multiple swimming pools including a 50-m lap pool and simulated gaming arcade.

KG Foundations' residential project

KG Foundations Pvt. Ltd has launched KG Centre Point, a housing project in Poonamallee, a suburb to the west of Chennai. This 7.2-acre project with 644 homes offers studio apartments, two- and three-BHK apartments ranging from 515 sq. ft to 1,295 sq. ft.

As a launch offer, the first 25 apartments will be priced at Rs 2,999 a sq. ft with apartments starting at Rs 15.5 lakh. This project is located between the urban centre of Chennai and the developing industrial and residential areas of Poonmallee, Sriperumbudur and Orgadam.

According to a press release from the developer, the project is close to Chembarambakkam Lake. The project offers amenities such as a 9,000-sq-ft. club house, a swimming pool, jogging track, temple and outdoor sports and games facilities.

(This article was published on June 16, 2012)
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