Ceebros acquires prime property at Boat Club in Chennai, to develop luxury apartment

The builder plans to construct up to 10 luxury apartments of 5,000 sq ft. each on the prime land estimated to be 8.25 grounds; work is likely to start in three or four months

April 20, 2023 08:26 pm | Updated April 21, 2023 05:36 pm IST - CHENNAI

Boat Club Road at Chennai. Representational image. File

Boat Club Road at Chennai. Representational image. File | Photo Credit: BIJOY GHOSH

A prime property at Boat Club, considered Chennai’s most expensive locality, has been bought by Ceebros, a prominent developer. The real estate firm has proposed to build a luxury apartment on the property and is likely to start construction in the next three or four months.

“This is an 8.25 ground property overlooking a lush canopy of trees in the most sought after neighbourhood in the city. And we are working with an international architecture firm to develop luxury residences of around 5,000 sq ft each,” Sruthi C. Reddy, Executive Director of Ceebros, told The Hindu.

She said: “The plan is to have 9-10 apartments. The location in itself is key, this property will be a benchmark in design, architecture, fine details and an elevated living experience. While there is limited inventory in Boat Club, most buyers who want to buy here want to use it themselves and not just for investment,” she said. Work will commence in three months and will take around two years to complete.

Ceebros did not want to comment on the value of the deal but real estate experts said the price could easily be anywhere above ₹100 crore. “This is the most sought after pincode in Chennai today,” a realtor said.

About the current property prices and land value at Boat Club, Jerry Kingsley, Head, Strategic Consulting and Valuation Advisory India & City Lead Capital Markets – Chennai, Jones Lang LaSalle, said: “Boat Club is a niche market and not guided by standard market benchmarks, micro economics is completely driven by very limited supply and extremely high demand. The current ongoing per square feet price varies from ₹40,000 to ₹45,000 for premium condominiums.”

To a query on the big ticket deals in the past at the Boat Club, Mr. Kingsley said there have been very few transactions in the recent past. “A few large corporates and family offices have acquired good quality plots in Boat Club in the range of ₹35,000 to ₹45,000 per sq ft with ticket sizes ranging from ₹50 crore to ₹100 crore,” he added.

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