Realty major DLF will invest around Rs 100 crore to develop infrastructure in an 85-acre new housing project comprising plots located off the Old Mahabalipuram Road in Chennai.
The company launched the plotted development project Parc Estate on February 28. It will comprise 1,500 plots with plot sizes ranging from 600 sqft. to 4,000 sqft., with an approximate price of Rs 3,500 per square foot (psf).
“The company will develop 1,500 plots, having 2.15 million square feet area, over the next 18 months. The company will sell 750 plots in the first phase in the price range of Rs 25 lakh to Rs 1.25 crore,” said Aakash Ohri, Group Executive Director and Chief Business Officer.
“With a significant presence in the southern part of India over the last two decades, DLF has catalysed Chennai’s growth as an IT destination by offering a global ecosystem, future-ready workspaces, and safe and secure residential developments. Chennai has maintained steady growth in terms of infrastructure, connectivity and urban facilities and emerged as a major residential market where buyers can invest with confidence,” he said.
“We hope to receive demand from Chennai, Bengaluru and Hyderabad for the project,” he said, adding the company is targeting IT professionals working in the IT parks close to this project.
P Ramakrishnan, Group Executive Director and Chief Technical Officer said, “We first analysed the buyer behaviour in Chennai and found that people here prefer buying a piece of land as against other forms of investment. Old Mahabalipuram Road is witnessing rapid infrastructural development, making it the perfect site, close to the growth corridor of Chennai.”
OMR is expected to see many infrastructure projects, adding to the future value of the investment. These include the Metro Rail Corridor Phase II, multiple flyovers to ease the traffic flow, a multi-deck elevated transport corridor along the Old Mahabalipuram Road and multiple road-widening initiatives.DLF has developed 153 real estate projects and developed an area of approximately 330 million square feet. DLF Group has 215 msf (approx.) of development potential across residential and commercial segment. The group has an annuity portfolio of over 35 msf (approx.)