Towering up over the rest of the buildings and creating Chennai’s new high-rise skyline are multi-storey residential apartments all over the city. North Chennai, Central Business District, Rajiv Gandhi Salai and extended suburbs are now witnessing the construction of high-rise apartments that have over 30 floors.
Fabulous views, excellent ventilation and a noise-free atmosphere at home are driving many home buyers to opt for properties on the upper floors of these high-rise projects.
Plethora of options
Unlike a decade ago, when those interested in investing in high-rises had very few options, there is a plethora of properties they can now choose from.
High-rise residential projects with 15 floors in the heart of the city’s business district are common. In the extended suburbs, there are projects with even 40 storeys.
“The trend in Chennai is fairly recent. People who have lived in multi-storied apartments in Mumbai and New Delhi prefer to book flats in the upper floors of high-rise building here,” explains Sanjay Chugh, founder, Skylines Property Consultants. According to him, there is a demand for filling up from “top to bottom” in high rise projects — where the upper floors are booked first.
“In modern, well-planned projects, a higher floor translates into a safe and secure environment too,” says Niranjan Hiranandani, CMD, Hiranandani Communities.
Ashwin K. Kamdar, chairman and managing director, Prince Foundations, that is constructing ‘Courtyard’, a high residential project on Poonamallee High Road, says flats on the upper floors cost more — only because construction costs are higher due to the shifting of material. “In modern, well-planned new projects, a higher floor translates into a safe and secure environment too,” says Niranjan Hiranandani, CMD, Hiranandani Communities.
According to Arun Kumar, founder and managing director, Casa Grande, another advantage is that capital appreciation is comparatively faster on flats on the upper floors compared to those on the lower floors. Analysts, while pointing out that upper floors are sold on a premium in cities like Mumbai, say the trend is beginning to catch up in Chennai too with home buyers willing to pay an additional of Rs. 200 per square foot for flats in the higher floors. Builders said that massive projects coming up in multiple blocks, each having 15 to 18 floors, were now coming along with power back-up, and home buyers no longer have to worry about reaching their homes in the event of a power outage.
“Yes, there is a concern about non-functional elevators during long spells of power disruptions, but we take full precautions to ensure that families are not affected,” said a spokesperson for a project in Anna Nagar. An occupant of a high-rise flat in the city’s south said while privacy and peace were major benefits of living in higher floors, increased maintenance costs and getting to markets and open spaces was more tedious.
