They are the most expensive addresses in Chennai. In recent years, the who’s who of the city has been paying dollar rates to buy property in Boat Club, Poes Garden and Rutland Gate — the most sought-after places in the city.
Going by market estimates, the land value in these areas has doubled, and in some cases, tripled over the past five years.
On Boat Club Road, where it is common to see Rolls Royces, Lamborghinis, Porsches, Jaguars and Audis whiz past, one ground of land costs Rs. 11-12 crore.
In 2009, a ground here cost Rs. 4.4 crore. The economic downturn failed to diminish real estate value in this upmarket location.
“Valuations here increase day-by-day and any property here is up for grabs immediately. More recently, expats have begun to look for investment opportunities here,” says a real estate consultant.
Boat Club is home to Chennai’s top businessmen, including N. Srinivasan (India Cements), Venu Srinivasan (TVS Motors), Shyam Kothari (Mukesh Ambani’s brother-in-law) and Kalanithi Maran (Sun TV). Families of business conglomerates like TTK, MRF, Murugappa and Ceebros also reside here.
Vijay Mahtaney, owner of Ambattur Clothing as well as the 201-room Park Hyatt Hotel, says, “Boat Club is serene and spacious. It has maintained its charm and not given way to commercial establishments. This is also the best place to park your money.”
Poes Garden, on the other hand, houses the bungalow of former Chief Minister Jayalalithaa. Actor Rajinikanth and Pepsico CEO, Indira Nooyi, also own property here. Valuations here are pegged at anywhere between Rs. 9 crore and Rs. 10 crore per ground.
“Poes Garden was a brand 10 years ago. But today, valuation wise, Boat Club Road will fetch a better deal. However, in both places, I don’t see space for development in the near future,” says Ajit Chordia, president, Confederation of Real Estate Developers’ Association of India–Chennai Chapter.
While these two prime locations have emerged as residential areas, Rutland Gate Road in Nungambakkam has paved the way for commercial development over the years.
With several retail establishments crowding the adjacent Khader Nawaz Khan Road, some big brands have moved to Rutland Gate Road.
“Property owners here feel that selling to commercial enterprises will fetch them a better deal. The stretch is home to many international retail brands,” says Mr. Chordia. Real estate here is pegged around Rs. 8 crore per ground, with some plots selling for as much as Rs. 10 crore per ground.