What slowdown? Ask Chennai luxury realty companies

Luxurious, large and lavish, high-end homes are the new focus for developers in Chennai. Located centrally with modern amenities and next-generation security, the modern dwellings are finding takers amongst the crème de la crème of Chennai.

Chennai has many expensive properties coming up in its prime residential area. These condominium will come equipped with personal elevators, private jacuzzis, and even panic rooms! But the main question is what's the price tag for all these amenities? Each high-end apartment is expected to cost anywhere between Rs 15 and 20 crores depending on its size.
VS Suresh, chairman and managing director, Real Value Promoters, “'For the first time, Real Value has launched the most expensive apartment in Chennai, which is in the range of Rs. 29,300 as the basic rate & we have low variant in the sense like 4,500 Sq as one variant and the other variant is 4900 Sq feet, close to 6000 Sq feet. These two are the variants. We also want to concentrate in terms of no. of houses being built. So we thought of making just 18 exclusive apartments and the facilities to match that kind of cliental.”
Now, if one thought, given the soft patch the real estate sector has witnessed over the last few yrs, that demand for such costly apartments might be tepid, well think again!
Developer Real Value Promoters says 6 of the 18 planned apartments have already been sold and they are hopeful of selling the remaining by the end of FY14...so, what's spurring sales?
N Nandakumar, president, CREDAI, "We apparently we don't see any stagnation or slag in demand for these products because they seems to be a huge segment of high network individual who are wanting to be a part of this project because today.”
Considering this, it is a trend that other developers also want to cash in on. Hence, there are names like Akshaya Homes, Cara Properties, ETA Star, Olympia Group all getting ready to launch similar high end homes.
N Hariharan, office director- Chennai, Cushman & Wakefield says, “'Close to 8 to 10, such transactions have taken place in Chennai and 2-3 got approval and they are on the stage of launching. By the first half of next year, at least 6-7 would have been launched.”
Industry watchers infact say that over 25 similar projects in the city are waiting for clearances from different departments. So the hitherto-conservative Chennai buyer can look forward to experimenting with living-in-style soon.