The Dasaprakash Hotel, AVM Studios, the Atlantic, these are all iconic structures that have defined Chennai for decades. But now, it is time to say goodbye as their owners actively scout for opportunities to sell these buildings.
Many of these once famous commercial establishments are today struggling to cope with losses. They simply cannot afford to maintain these massive complexes anymore. And since land prices are soaring, it makes sense for them to shut shop, sell the land to a developer and exit the area.
What’s in it for me?
If these buildings are sold, large plots of land ranging from 1.5 acres to 2 acres will open up in and around the central business district. These regions already have access to commercial complexes, healthcare centers and entertainment hotspots. Developers are sure to redevelop the land to build residential housing projects, giving you the chance to own property in an area which hasn’t seen much new development over the years.
What kind of projects can we expect here?
Since these properties are in prime areas like Nungambakkam, Egmore, Alwarpet, Adyar and Poonamallee High Road, developers will have paid a premium to buy the land. That means any project coming up here will be in the premium to luxury housing segment, costing anywhere between Rs 2 Crores to Rs 8 Crores. Top projects that have already been launched here include the Atlantic by Ceebros, Prince Courtyard by Prince Foundations, the Good wood & Jayanthi Residencies by Olympia and Breeze Residencies by BBCL.
But is it the right time to invest in luxury housing?
We won’t lie to you. Currently, the luxury segment has enough supply built-up to last another 28 to 30 months and these redevelopment projects are just adding to the pile. But that also means that developers are doing everything they can to get home buyers to buy projects here. This includes discounts, freebies and offers making most of these luxury projects fall in the affordable luxury category. If you are smart, you could get a very good deal on property in some of Chennai’s poshest localities.
Reporter : Smitha TK
Web Editor : Nikhil Narayan Sivadas