LML Homes, a residential apartments developer, has acquired a 5-acre land parcel at Kattupakkam in Chennai, close to the proposed Kattupakkam Metro Rail Station. The value of the purchase transaction is ₹60 crore. ANAROCK, a real estate services company, has been appointed as the partner to market and sell the proposed project, which will consist of around 400 premium apartments developed over half-a-million square feet.
Mahesh Kothari, Managing Director, LML Homes, said this project would be one of its kind in the Porur/Poonamallee micro market. “Currently, the demand for premium homes is at a peak in Chennai,” he added. “This is the right time to develop a premium housing project in this key micro market.” he said.
Sanjay Chugh, City Head–Chennai, ANAROCK, added, “Porur is witnessing significant real estate activity owing to the increasing demand from IT professionals working in nearby IT parks at Old Mahabalipuram Road and also at Ambattur. It is in close proximity to major IT hubs, including DLF IT Park, Jayanth Tech Park and TCG First Software Park. It is also well connected with the Sriperumbudur industrial belt, which is home to several industries and manufacturing plants.”
Porur is likely to house more IT parks sponsored by players like RMZ Corp, K Raheja Corp and ASV. The demand for housing in and around the area will gain momentum in the coming quarters, according to industry watchers.
