Why has the city’s development been concentrated on OMR and Sriperumbudur?
OMR being an IT corridor is home to a large number of professionals who need housing closer to their work places.
Recognising this, we have been developing projects in the area since 2006. Sriperumbudur, the industrial hub for auto and auto ancillaries, is close to the proposed green field airport and is also strategically located on the Chennai-Bengaluru highway.
The central government has also chosen Sriperumbudur as a satellite town. We have seen good response from working professionals and also from those keen on investing in weekend homes in this area.
The government is encouraging the development of smart, green cities. How do you think it will impact the country’s realty scene?
The challenges of increasing urbanisation will be met with the creation of these new smart and green cities, which will boost the overall economy by creating jobs in infrastructure and allied sectors.
Migration of people to smart cities will enhance real estate development. The biggest challenge, however, will be acquisition of land for creating these cities.
How does Chennai fare in the affordable housing sector?
In this segment, housing development so far has been limited to lower income groups. The needs of the huge population below this group should also be addressed. In this endeavour, the sizes of units are made compact so that those in the lower most strata of society achieve their dream of owning a home. Given the high land prices in the city, such projects can be developed only in the suburbs and fringes of the city.
Recognising that Chennai needs affordable housing priced at Rs. 10 lakh upwards, we propose to launch apartments in sizes ranging from 450 sq. ft. for families with a monthly income of Rs. 25,000 and above in Sriperumbudur.
What are your upcoming projects?
Apart from the ongoing residential projects, Phase II development in the following projects will be launched soon — The Central Park Lake Front at Sholinganallur, Lumina at Guduvanchery, Town & Country and Townsville at Sriperumbudur.
How do you envision development in the city over the next five years?
The demographic advantages, rising income levels and urbanisation would be fuelling the growth. Chennai is a fast emerging auto hub in terms of investment.
The availability of a good talent pool, infrastructure, development and so on will be the chief drivers for IT and ITES industries.
The new central government with its pro-business policies will steer the economy, and the housing market will see good momentum over the next five years, starting 12 to 18 months from now.
As a builder, isn’t it financially viable to construct smaller projects within the city rather than an affordable housing project where profits depend on volume?
We focus on creating a mix of projects — within the city and in the suburbs as well. While projects in the city cater to the affluent segment of society, our suburban projects are affordable for other segments.
There is a huge demand for housing from people in the lower income groups which needs to be addressed.
