There has been much talk in North India, especially Punjab, about price correction in the real estate market, however, despite interest rate hikes, a tightening of RBI norms, all the efforts to drive speculators out of the market, despite everything, residential property prices in Chennai continue to see new highs, at least so far as the high-end luxury apartments in the most sought-after areas are concerned.
If, a year back, KGeYes Residency hit headlines with the offer of $1-million flats in Chennai’s most upmarket Boat Club area, it is now its Poes Garden flats, which come with a price tag of well over $1.5-million, that are the talk of the real estate market. Promoting a four-flat project, KGeYes flats here cost anywhere between Rs. 6.5-crore and Rs. 7-crore, which means all buyers aspiring to these 4,000 sq. ft. flats will have to shell out almost Rs. 16,000 per sq. ft. So far, that is the highest price commanded by any residential project in Chennai.
According to P.V. Shanmugham, KGeYes Residency’s Managing Director, all flats are built independent of each other, and whatever one looks for in luxury apartments, including servants quarters is on offer. He confirms these luxury flats will come replete with American and European fittings amongst others, when the project is completed in the next 14 – 15 months.
Meanwhile, seeing how fast these high-end luxury apartments are moving, other players have been attracted into the market, and the newest entrant in the scene is Bangalore-based Siddarth Apparels with a turnover of over Rs. 75-crore.
Adroit Urban Developers, an off-shoot of Siddarth Apparels is now promoting a large luxury apartment project in Chennai’s Sasthri Nagar, an upmarket location in terms of its accessibility to the city’s IT Corridor and scenic ECR. It is developing 35-apartments in the range of 1,500 – 2,000 sq. ft. over 15-grounds. The project, Aura One offers several new initiatives in terms of luxury living, including 100% air-conditioned apartments. Priced at Rs. 8,000 – 8,500 per sq. ft., construction will be on 40% of the available area, and the rest will be left for landscaping and water-bodies.
Confirming that his firm is foraying into real estate as a part of its diversification plans, Gaurav Goenka, Managing Direct of Adroit Urban Developers says they are looking at the IT corridor and other areas to promote similar high-end luxury apartments.
Source: Financial Express
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