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Sambhar Mafia - Cooked To Kill!

Monday, December 18, 2006

Ultra Premium Apartments in Chennai

The sky-high real estate prices don’t seem to be acting as a dampener for high-end residential properties in Chennai.

Actress Hema Malini has sent the real estate prices soaring in the city she hails from. A big-time builder has signed up with her to build six apartments on a 14,400 sq ft plot owned by her in the posh Poes Garden area of the city.

Each flat, when ready, will come for a staggering Rs 6 crore. [Link]

With most of the demand being fuelled by the IT / ITES sector, the IT corridor is a natural choice for big budget housing projects.

Now, Vijay Shanthi is coming up with a bigger project - apartments that will cost Rs. 8 crore each.

Another of their project is Club Cabana along the I.T corridor. A small community of 18 exclusively-styled villas that will cost Rs.1.25 crore each.

The project is to come up on a four-acre plot will have only 10 per cent built up area and the rest 90 per cent, a green spread.

Residents will have to park their cars near the gate and either walk, or bike or golf cart their way home through the greenery. [Link]

If the current trend continues, affordable housing might be a thing of the past.

5 Comments:

  • Very Good. This means that Chennai is also falling in line with Mumbai very soon.
    The economy boom in India is spreading its tentacles . But what will happen to a common man ?

    By Blogger Ajitkumar Wagle, at 3:19 AM  

  • Chennai has infact already gone the bangalore and bombay way. I'm currently searching for a modest place for staying for a year, and none comes less than 8K in the whole of adyar, besant nagar, ra puram, madaveli belt. If they do come less than 8K, it has something missing - like car park etc.

    Having lived in b'bay and bangalore, it thought chennai would be breeze, but all cities have become inhospitable!

    By Anonymous Govar, at 1:11 PM  

  • @Ajit,
    Mumbai leads the pack. Delhi, Bangalore and Chennai follow the trend.

    @Govar,
    Rental increase have not kept pace with the capital appreciation. Most people who buy properties at such high prices can't make money by renting out their apartments. All of them are hoping for capital gains.

    By Blogger Kaps, at 11:05 AM  

  • Seems like i can afford a house here rather than at Chennai..Adeengappa !

    By Anonymous Desi, at 6:54 AM  

  • Just like the world had a dot Com Bubble in late 1990s, the world is seeing a massive Real Estate Bubble now ... it is the same story in many parts of world, US, UK, and other Indian metros like Delhi, Mumbai and Chennai...

    Only the Extent varies. Maybe it is just got too much over in our Singara Chennai...

    Any sane person would avoid buying apartments at exhorbitant costs, and instead put the money in bank and rent a nice apartment for fraction of the interest earned....

    But then how many people are sane???

    By Blogger ramki830, at 1:39 AM  

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