Jones Lang LaSalle India’s investment arm Segregated Funds Group has invested Rs 25 crore in a residential project in Chennai. The residential project, ‘Skypod’ is being developed by Vishwakarma Real Estates and Constructions on Pallavaram – Thoraipakkam Radial Road.
The investment has been carried out through its fund, Residential Opportunities Fund –I (ROF – I), registered with SEBI as Alternate Investment Funds (AIF) category II.
“Pallavaram in Chennai has been gaining preference from home buyers as it is conveniently located near to the airport and OMR that has various IT parks, hospitals, educational institutions and shopping centres. The area is growing rapidly because of the development of good infrastructure,” Mridul Upreti, CEO, JLL Segregated Funds Group said.
He further added, “We see value in investing in mid-market projects being developed by niche players in the given market.”
Properties along the 200-foot radial road from Thoriapakkam to Pallavaram are becoming attractive due to the connectivity it offers to the city, industry sources said.
Access to the airport, Rajiv Gandhi Salai (IT corridor), East Coast Road and more importantly, Grand Southern Trunk Road, make it ideal for realty investment , builders say.
Untapped potential
They say that Radial Road’s potential for realty development has not yet been fully tapped and that only a few projects were coming up.
Most of them were restricted to Pallavaram and Thoraipakkam and a few near Eachangadu intersection (Keelkattalai).
“The market is currently on a downswing and once it picks up, there is no doubt that realty development along this important road will also pick up,” a flat promoter said.