In the recent investment, realty giant DLF has decided to invest Rs.100 crores to build an 85-acre housing project comprising of plots located at Old Mahabalipuram Road in Chennai. The project is estimated to comprise 1500 plots with plot sizes ranging from 600 sq. ft. to 4000 sq. ft. The cost decided to sell these residential plots is estimated at around Rs.3500 per sq. ft.
Chennai has been a prime destination for many real estate developers and builders. It has been a hub of IT spaces offering a global ecosystem, safe and secure residential developments for homebuyers. Chennai has attained a great pace of steady growth in terms of infrastructure, connectivity, and facilities and has emerged as a real-estate marketplace for many developers and homebuyers.
It has been seen that Old Mahabalipuram Road has started witnessing development in terms of infrastructure projects adding great value to investment in the Chennai Region. This region has been offered Metro Rail Corridor Phase II, Multiple Flyover, multi-deck elevated transport corridor, and various road-widening initiatives.
The Group Executive Director and Chief Business Officer of DLF, Mr. Akash Ohri said that the company will start to develop 1500 plots consisting of 2.15 million square feet area in the next 18 months. The company is planning to sell 750 plots in the first phase with a price range starting from Rs.25 lakh to Rs.1.25 crores. The company is expecting revenue of Rs.700 crore from the plots. The Chief Business Officer also said that we hope to receive demand from Chennai, Bengaluru, and Hyderabad for the project and the company is targeting IT professionals who are working in IT parks for this project.
Mr.Ohri also said that the area will be developed on the lines of Cyber City in Gurugram and BKC in Mumbai. The kind of offices available near the residential development is on similar lines and it will be a theme based-project and other projects will be developed on the same concept.