1. Your ongoing projects in Chennai?
We currently have two on-going projects — The Metrozone and The Gardenia. While the Metrozone is a 40-acre luxury, mixed-use project, the Gardenia caters to the ultra luxury segment and both are located in Anna Nagar.
Individual units in these projects are priced between Rs. 2.5 crore and Rs. 8 crore. We have recently introduced two new product offerings in the Metrozone in order to cater to the demand for a lower ticket price.
2. What changes have you observed in the city’s realty segment?
The Chennai Realty market has undergone a tremendous transformation in the last decade or so.
Noteworthy changes include the development of the OMR and the ECR as new high-growth micro markets, and the growth of the luxury segment in an otherwise conservative realty market. The entry of other major realty brands such as DLF, Unitech, ETA Star, into the city is an indication that the market here is lucrative.
In terms of infrastructure development, the Metro Rail, has given impetus to areas away from the Central Business District.
3. Which are the emerging areas gaining popularity?
Suburbs such as Padi, Medavakkam, Perumbakkam, Tambaram, Pallavaram, Velachery, are popular areas and continue to witness a high demand, due their relatively affordable pricing and a wide array of projects to chose from.
4. What is your opinion of the smart cities mission?
The Government has approved the smart cities project and Rs. 1 lakh crore has been allotted for the development of 100 such cities over the next five years. The development of smart cities will give an impetus to the real estate whereby the industry could upgrade their systems, processes and technology. This will also help promote large scale townships as self-sustaining communities.
5. The buyer profile of your projects?
Typically, customers of our luxury and super luxury projects (Rs. 2.5 crore upwards), are second or third home buyers. Over 50 per cent of our clientele includes top management and senior working professionals, businessmen and doctors. The customers, who opt for projects priced between Rs. 75 lakh to Rs. 1.5 crore, are first time home buyers.
6. Impact of the Metro Rail on the city?
The Metro connectivity will have huge bearing on real estate along the metro corridor. Chennai will be no different from other cities such as Delhi, Kolkata and Bangalore. People will try to move to the suburbs, along the Metro corridor, where the housing projects are affordable, and away from the expensive and congested central city areas.
