Residential Projects/News in State Capital Region (SCR)

[murlee]

Prestige Bella Vista - contd..

Renders





Club House

[murlee]

Big builders line up housing projects despite slowdown

Even as experts predict a financial slowdown in 2012 as a fallout of the European financial crisis, more residential apartments are being lined up by builders in suburbs. Prices in suburbs have remained stable for close to two years. While apartments are priced between Rs 4,000 and Rs 5,000 per sq ft along most parts of the Old Mahabalipuram Road till Kelambakkam, other regions like Bangalore Highway, GST Road and Oragadam belt are still cheaper. JC Sharma, MD of Sobha Developers , feels Chennai is a safe market for both promoters and apartment buyers.

"It is a steady market and not overheated. You hardly find a speculator in this market. There are very few investors too. The market is stable as majority of home buyers are end users," he said. Four major residential projects have been announced in suburbs in less than a week.

Sobha is gaining a foothold in Chennai real estate market in 2012 with an investment of Rs 400 crore on two residential projects. The group has announced a 556 apartment project on a six-acre plot near Kelambakkam and a 176-apartment project near Porur. So far, Sobha has been doing contractual projects for Infosys and Dell in Chennai.

Sharma is not unduly bothered about a projected churning of the Indian real estate market. He exudes confidence, "We do not want to overreact to this global scenario. As long as my customers' jobs are protected and I provide supply in the right segment, my apartments will sell. There is a huge housing shortage in this country. Strong players have a significant role in a disturbed market because they alone can deliver on time when the conditions are bad." Prestige, another Bangalore-based promoter, has entered the Chennai residential segment with a 2,613-apartment project, one of the biggest in the city, near Porur.

Meanwhile, Cee Dee Yes, a city-based developer, has launched the second phase of Chennai Pattinam, an integrated township near Tiruporur which boasts of a school, shopping mall. The builder has completed 1,380 apartments in the first phase, of which, about 700 are sold. In the second phase, it is promoting 1,228 apartments.

Tackling the unsold is a major task for many builders who operate in the suburbs. "We have about 600 unsold apartments that are ready to use. As a marketing tool, we offer our customers the option of renting apartments back to us at a rental of Rs 10 per sq ft per month. We will convert them into serviced apartments," said C Devadasa Sundaram, CMD of Cee Dee Yes.

It is not easy to promote townships in the suburbs with hardly any infrastructure in place, said Sundaram. He operates buses at 30-minute intervals from his township to Chennai city, both along the OMR and the GST Road. "We offer on our premises every facility a family needs. They are forced to get out only to go to offices. When it takes more than two hours for a software professional to travel from city to Sirusseri IT Park, people staying in our township can reach Sirusseri in just 20 minutes." Still, only 150 families have moved into Chennai Pattinam so far.

http://timesofindia.indiatimes.com/c...w/11546678.cms

[sshivakumar]

[murlee]

2,600 new flats to come up at Foreshore Estate

The Tamil Nadu Housing Board has floated tenders to appoint a consultant to prepare a detailed project report for redevelopment of Foreshore Estate into a residential colony.

The Board plans to construct 2,600 flats in multi-storied residential complexes at Foreshore Estate. In the first phase, 1,610 flats will be constructed on 21.03 acres and in the second phase, construction of 990 flats will be taken up on 6.49 acres. To develop the second phase, 268 existing flats will have to be vacated and razed.

Two years ago, the Board had evicted more than 1,000 families from the Foreshore Estate to facilitate its redevelopment. The old buildings, promoted in the 1960s, were in a dilapidated condition and were pulled down to avert a disaster.

The consultant, apart from spelling out the marketing strategy of the project, will also have to do the structural design of the building in line with the seismic zoning of the area.

Facilities like fire fighting, safety devices, public address, access control, telephone exchange, communication tower, water supply, furnishing fit out, sewerage disposal and treatment plants, internal roads and arrangements for special security system will be available on the premises once it is redeveloped.

Five types of apartments will be constructed in the first phase. "We will construct 30 houses each with 1,800 sq ft and 250 houses each with an area of 1,440 sq ft," a senior TNHB official said. Another 200 houses will have an area of 1,080 sq ft each. In the low-end segments, 680 apartments will measure 780 sq ft each and 450 apartments will measure 648 sq ft each.

The earlier tenants of the housing board apartments would be given preferential allotment, said sources.

http://timesofindia.indiatimes.com/c...w/11561200.cms

[R2IChennai]

Originally Posted by murlee

2,600 new flats to come up at Foreshore Estate




http://timesofindia.indiatimes.com/c...w/11561200.cms

This is housing board quarters right, not for sale I suppose

[vijayvmail]

Today's TOI has 4 huge residential projects advertised in the main paper itself.

1. Amarprakash in Chromepet - 1076 apts in 17 acres
2. Prestige Bella View in Porur - 2613 apts in 25 acres
3. Chennaipattinam in thiruporur - 2500 apts
4. S & P Living spaces at Mogappair - 2800 apts and 300 villas in 80 acres overall

That makes a total of 8989 Apts in just 4 projects.

If you notice, all of these are spread across the city and pretty much outskirts. Almost all of them have also announced a discount in prices or some freebies. S & P is giving a free trip to Singapore or a car park or a gold coin or a club membership.

While more residential projects are good, I hope the government regulates their location and brings about a concept of a few satellite townships or clusters. Each cluster should be a small self contained towns and connected with each other and main chennai city with a series of expressways and public transport corridors. Within each cluster, there can be multiple townships like the projects announced above with local light rail systems and mono rails acting as feeder systems.

Currently most of these townships are islands surrounded by very bad infrastructure. They are announcing all amenities inside. For example, consider the supermarket promised. There is going to be one supermarket for these 1000+ houses. Once outside the compound, the available alternatives are very less. Which means, that one supermarket will have a virtual monopoly and the prices are going to be pretty high. But the people there will not have much choice.

With the industries and offices also spread all across SCR, a lot many of these people also have to use their cars and bikes travelling over tens of kilometres in these pothole ridden roads - increasing road traffic congestion and harming their own health.

Despite so many projects, the housing demand of the lower income groups is still not being met. A lower middle class person has to literally go to the extreme outer fringes of SCR, to get an affordable house. This is a big gap and cannot be satisfied by just TNHB. We need a public - private partnership where private parties build big projects near the city while government helps with the land and also provides subsidies for the lower income people, at least in form of cheaper loans.

Of late, I've also been hearing that a lot of these new big projects remain unsold. chennaipattinam appears to have almost completed construction. not sure why apartments are still unsold or if this is their deliberate strategy. Hopefully, there is not a bubble waiting to burst.

[ranga]

Olympia Grande launched adding to more number of flats.
A new project from the Olympia Group christened “Olympia Grande” has been launched by Olympia Technology Park on Guindy and Olympia Opaline on Navallur OMR covering 3 million sq ft of constructed space.

This latest offering would be on a 7.5 acre parcel of land on main Pallavaram road opposite the newly opened Pallavaram Thoraipakkam Bridge.

Olympia Grande would be the first high rise residential building in Pallavaram with stilt plus 11 floors.

The location of the project is one of the main USP of the project. This project is centrally located connecting – SBD/CBD, OMR, ECR, GST (till Mahindra World City) to Oragadam. The transport options and basic amenities are unparalleled with all modes of transport available .

The project being just 2 km away from the airport is another added advantage. Olympia Grande has a boutique club with swimming pool, gym, party hall and indoor games.

The project would have 800 units approx broken up into 2, 2.5 and 3 bhk and the total project size is 0.9 million sq ft approx. "


http://www.thehindu.com/todays-paper...cle2818779.ece

[ranga]

Baashyam launches ‘Happy Windows'

Chennai: Baashyaam Constructions has launched a residential project ‘Happy Windows' in Kattupakkam, with 280 apartments in a land area of 3.51 acres.

With a 1.5km drive from Kumanan Chavadi Junction; the project is located in an ideal residential area, with ample space around. State-of-the-art amenities like gym, library, meditation hall, club house and proximity to the city makes this an ideal investment choice. Easy access to educational institutions, hospitals, banks and IT parks is added an advantage . The launch price of the project is Rs 3500 per sft.

Baashyaam Constructions have developed residential, commercial and infrastructure projects on varied scale ranging from small apartments to Independent villas. The group is completing 30 years in 2012 and venturing into large scale gated communities in the near future
http://www.thehindu.com/todays-paper...cle2818777.ece

[ranga]

Phase II of Prince Village launched
With a slew of prestigious commercial and residential projects in its kitty: Prince Infocity I & II, Prince Techno Park, Prince Residenzia, Prince Greenwoods, to name a few- Prince Foundations, Chennai's leading real estate developers, presents its latest offering.

After the successful launch of Phase I with all 582 apartments sold out, Prince Foundations launches Phase II of Prince Village, Tondiarpet.

Spread over 6.5 acres of lush greenery with 62% of the area devoted to open spaces, Prince Village II has 460 flats in 1, 2, & 3 BHK. It also includes 10,000 sq. ft. of commercial building area.

Facilities

There will be a unisex salon, departmental store, ATM, pharmacy, and much more, right within the compound. Prince Village offers sizes ranging from 1140-1460 sq. ft for a 3BHK to 940-985 sq. ft. for a 2BHK, and 580 sq.ft. for a 1 BHK apartment. Located in a well-developed part of the city, Prince Village II enjoys close proximity to renowned educational institutions, hospitals, shopping malls, and the railway station.

There's a mono rail project on the anvil too. Prince Village II boasts of a host of modern amenities including clubhouse, jogging track, tennis court, pergola with seating, basketball court, indoor games, air-conditioned gym, children's play area, shuttle court, skating rink, party hall and water bodies.

While Phase I of Prince Village will be ready for delivery in December 2012, Phase II is not far behind with expected delivery three years from now.

http://www.thehindu.com/todays-paper...cle2818780.ece

[ranga]

Sobha Meritta at Pudupakkam off OMR, on Kelambakkam - Vandalur Road
Sobha Developers Ltd. have announced a new their new luxury project Sobha Meritta in Chennai at Pudupakkam, on the Vandalur Kelambakkam road, off from OMR and near Chettinad Health City.

This project is coming up in around 6 acres of land with a total of 556 apartments coming up on 5 blocks of Stilt + 13 / Stilt + 14 floors.

For the first phase, 400 apartments are open for booking with 1, 2 and 3 bedrooms configurations in sizes in the range of 536 sqft. to 1775 sqft.

For more details, including location on Google Maps and online discussions, proceed to Sobha Meritta Details [placetolive.in]

This is Sobha's second project announced after their earlier Sobha Serene project at Poonamallee in Chennai.

[ranga]

Shrusti Foundations, based out of Velachery, Chennai has announced Shrusti Vedanshi - a residential cum commercial building in Velachery By-pass Road.

Shrusti Vedanshi will have commercial space on the frontage with the by-pass road, with the residential apartments in higher floors (total 7 floors) and in the rear.

A total of 41 apartments will be coming up in this project, with sizes ranging from 1160 sqft to 1985 sqft. The current rate is Rs.8700/sqft*.Features/Amenities include swimming pool, visitor's lounge, intercom facility, gymnasium, play area for children, power backup, piped gas supply and more.

[kannan infratech]

Guys

Pl do not discuss in this thread. Pl post only project related posts/ news.

All discussions have been moved to Chennai Discussions Thread. Pl continue there, if you still want to do.

Thanks

[murlee]

State to get 1.8 lakh housing units in the next five years

The State will get an additional 1.85 lakh housing units in the next five years at a cost of Rs.17,230 crore. Of these, 1.43 lakh units would be for the economically weaker sections, R.Vaithilingam, Minister for Housing and Urban Development said on Monday.

Speaking at the inauguration of Municipalika, ‘10 international conference and exhibition on good urban governance for safe, healthy, green, inclusive and smart cities', he said 39,000 units were for other income groups divided into low, medium and high.

The three-day exhibition and conference at the Chennai Trade Centre is being organised by Good Governance India Foundation.

He said that as land was not available with the government for construction of dwelling units, in future, land pooling and joint ventures with land owners would be conceptualised for availing land for projects.

K.P. Munusamy Minister for Municipal Administration said that under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), during 2011-12, it has been proposed to utilise Rs.1,361 crore for housing and infrastructure programmes in urban areas in the State.

The government, he said, also plans to ensure that Tamil Nadu becomes an open defecation-free State by 2015 by developing a strategy and design for modern public toilets to take care of the specific requirements of women, children, the aged and persons with disability.

British Deputy High Commissioner in South India Mike Nithavrianakis said that addressing climate change and promoting low carbon development is of great importance to the United Kingdom.

The UK, he said was a global hub for cost-effective, innovative low-carbon solutions. In India, he said the UK had been working with various partners and the recurring theme was sustainable, energy efficient, low-carbon infrastructure.

Housing and Urban Development Secretary Phanindra Reddy said that the Chennai Metropolitan Development Agency has just completed the 3 traffic study and already some departments had started work on skywalks and foot over bridges from that.

Chennai Mayor Saidai S Duraisamy, and V.Suresh, advisor and Sanjiv Agarwal, Founder Trustee of Good Governance India Foundation spoke.

At the exhibition, green technologies and innovative equipment in areas including sewage treatment, unclogging drains, lighting, power saving and roads were on display.

An interesting stall features a waste water recycling technology developed by a team of alumnus of IIT Mumbai where 1,000 litres can be recycled at Rs.4. The technology is commercially available under the name Sugam Paryavaran Vikalp and is being used in Karnataka and Puducherry, said its co-inventor Avinash Kadam.

Digisewer, a camera mounted on wheels and that can enter sewer and water pipelines and being used in Mumbai is an interesting exhibit. LED lights designed as street lights, tube lights, indoor bulbs and focus lamps are being showcased by SRM Electronics. The Auroville stall showcases solar powered lamps and sustainable development.

http://www.thehindu.com/news/cities/...cle2826400.ece

[karkal]

http://timesofindia.indiatimes.com/c...w/11643788.cms

CHENNAI: As India celebrated its 63rd Republic Day on Thursday, about 100 elderly home buyers observed a one-day fast protesting against their builder, a quasi-government organisation, which is levying hefty charges on them for providing stilt car park, a thing the apex court in the country had ruled illegal in 2010.

The customers were echoing the concerns of almost every home buyer in the city. Most Chennai builders have been collecting hefty amounts for providing car parking facilities, from Rs 75,000 to Rs 1.5 lakh for open car park and Rs 1.5 lakh to Rs 3 lakh for stilt car park. Though many individual buyers would have raised objection to such practices, such an organised spirited protest is being staged for the first time.

In the present case, the builder is the Central Government Employees' Welfare Housing Organisation, a unit of the ministry of housing and urban poverty alleviation. While the builder has put 485 stilt car parks up for sale in the apartment project nearing completion at Paruthipattu, near Poonamallee, the buyers are resisting it saying it goes against the Supreme Court's ruling. The apex court had ruled way back in August, 2010 that "The promoter has no right to sell stilt parking spaces as these are neither flat nor appurtenant or attachment to a flat."

Quoting from the SC order, Shivkumar K Iyer, the secretary of the Paruthipattu Allottees' Pre-possession Association, said, "The stilt car parking space is part of the common amenities and it cannot be treated to be a separate premises/garage which could be sold by the developer to any of the members of the society or an outsider."

D Shanmuganathan, a university professor, said, "Many private builders even sell open car park area knowing very well that it is a violation. Unless there is a regulatory body to pull them up, they will continue doing it."

President of Confederation of Real Estate Developers' Association of India, Chennai chapter, T Chitty Babu, however, claimed there is a difference between open car park and stilt car park. "While open car park cannot be sold as it is part of the undivided share of land already registered in the name of the apartment buyers, the stilt car park can be sold. We have taken opinion from leading lawyers on what the SC order says. They pointed out that since the stilt car park is attached to the apartment building, it can be sold."

But when the court itself has ruled that stilt area is common area, there is no need for any further clarification, points out D T Eshwaran, president of the Paruthipattu association.

[satishanu]

[murlee]

CITY GETS REAL
Siva Krishnan gives us an overview of the city's real estate market with a focus on shifts in the demand-supply equation and emerging real estate destinations in the city and suburbs

DEMAND, SUPPLY AND PRICING


In contrast to what was been witnessed in many of the more volatile cities over the last couple of years, Chennai's residential property market saw steady growth in terms of pricing, demand and supply. Chennai's residential property market is predominantly end user driven, and this fact did a lot to sustain consistent absorption throughout 2011.

The absence of overt speculation has also ensured that developer has move pricing of homes in a stable and gradual manner. Unnatural spiking has therefore been successfully kept at bay. We expect interest rates to decrease over the course of 2012, and this will result in greater demand for homes in Chennai in 2012.

Increased job security in the city has definitely helped the market to maintain buoyancy and a positive outlook. Over the last 12 months, it became increasingly evident that Chennai's residential real estate market is significantly dependent on the IT/ITES sector. With employment stability in this sector looking a lot better now than it did in 2010, demand for homes has now reached a comfortable and dependable growth trajectory from which developers are taking their market cues.

CONFIGURATIONS IN DEMAND

The preferred size for 3BHK flats in Chennai has increased from 1200-1300 square feet during the recession to 1400-1500 square feet in the revival phase. The preference for 2BHK sizes has also increased from 850-950 square feet to about 1100-1200 square feet. Again, the main reason for this upgrade in preferences is increased budgets made possible by improvement in the performance of the IT / ITES sector.

This is a welcome trend which is enabling architects, planners and developers to come up with better quality dwelling units. Affordable housing units continue to rule the roost in areas where social infrastructure lags and capital values are therefore lower.

We expect overall demand for residential properties in Chennai to increase once the interest rates stabilises from their current peak. There is a very healthy demand in both the primary and secondary markets, since supply is scarce in both owing to the severe lack of land within the city. Land pricing has, in fact, surpassed the buying capacity of developers and this has put pressure on their ability to come up with viable residential products. Lack of supply and exorbitant pricing are causing both the end users and investor segments to take a closer look at suburbs with decent infrastructure.

SUBURBAN DEMAND DRIVERS:

• Positive market sentiments

• Possible softening of interest rates

• Increased job security

• Unaffordable property rates in the central city

Year 2011 saw residential property pricing in Chennai moving up in a phased and rational manner, which helped in sustaining the momentum. Prices rose by between 8-30% in different areas, but these rises took place in small compartments and in proportion to the actual sales in particular locations and projects. We expect a similar trend to prevail in the year 2012.

Expected Price Movement For 2012:

• OMR - 15-30%

• GST - 10-15%

• City - 20%

• NH-4 - 5-8%

AREAS TO WATCH

• Madhya Kailash - Sholinagnallur
This stretch is witnessing a clear supply-demand mismatch, with demand outstripping supply. With new employment being generated in this corridor and corresponding absorption of IT space, this area and its peripheries are witnessing extremely healthy demand for residential property. Its proximity to the city adds to the appeal of this area, which will see good appreciation over the coming years. Encouragingly (and in contrast to other parts of OMR) all completed projects here are fully occupied.

• Velachery
Velachery is seeing consistent growth, because it is one of the few areas which are seeing holistic and self-sustaining development. With malls and other social infrastructure improving, Velachery is definitely next in line for good appreciation. In fact, near-lying areas such as Medavakkam, Pallikarnai, Pallavaram-Thoriapakkam, the 200 FT. MMRD Road and Rajakilpakkam are already experiencing the positive fallout effect of Velachery's growth as a residential property destination. These areas are also witnessing good absorption and capital appreciation. There is also significant demand for homes in Porur along the NH4 corridor up to Urapakkam on the GST Road.

The writer is Head - Residential Services (Chennai) Jones Lang LaSalle India

QUICK BYTES

• CHENNAI'S RESIDENTIAL PROPERTY MARKET IS PREDOMINANTLY END USER DRIVEN, AND THIS FACT DID A LOT TO SUSTAIN CONSISTENT ABSORPTION THROUGHOUT 2011

• THE PREFERRED SIZE FOR 3BHK FLATS IN CHENNAI HAS INCREASED FROM 1200-1300 SQUARE FEET DURING THE RECESSION TO 1400-1500 SQUARE FEET IN THE REVIVAL PHASE

http://epaper.timesofindia.com/Defau...&ViewMode=HTML

[TShyam]

Investment by car groups outside Chennai has turned the Indian city into a global auto hub, spurring a housing boom


New development at Mahindra World City (above) and the Mylapore district in Chennai city centre (below), which has changed little



The South Indian city of Chennai (previously known as Madras) has much to offer: the second-longest beachfront in the world, nearly 400 years of colonial and postcolonial history, and an impressive range of performing arts. It is India’s fourth-largest metropolitan area and the capital of Tamil Nadu, one of India’s most prosperous states.

Over the past decade, it has adopted the tag “Detroit of Asia” without irony. Unlike its shrinking US namesake, Chennai is one of the fastest-growing cities in the world. Investment by car manufacturers such as Ford, Hyundai, BMW, Renault-Nissan, and domestic companies Ashok Leyland and the TVS group, has turned the city into a regional automobile and auto components hub.

The city also boasts another accomplishment: a diverse local economy. Chennai is one of India’s largest exporters of software services, it has a well-developed healthcare industry and serves as a base for textile exporters. But unlike nearby Bangalore, economic growth has not fundamentally altered Chennai’s compact city centre.

IT and manufacturing investments have been made in earmarked corridors outside the city, along arterial roads, such as the East Coast Road, the Grand Southern Trunk Road and the Old Mahabalipuram Road, which have been upgraded into national highways. “Chennai is an old city which grew steadily over time, and has not therefore imploded,” says Lakshmi Venu, director of strategy at Sundaram Clayton, and a fourth-generation member of the family that owns and runs the TVS industrial conglomerate. “It was slower to catch up but its growth has been more sustainable.”

Residential real estate supply reflects changing local demand, both in central neighbourhoods, as well as along its suburban peripheries. “Chennai was always an overgrown village, where many residents had ancestral properties,” says Savita Idnani, a Chennai-based architect. Owners are now converting homes to apartment blocks for greater convenience.

Meanwhile, some old houses are being demolished to make way for apartments to accommodate younger families. “My father built a bungalow in 1974 near Mylapore [the city’s cultural district], and two years ago, my siblings and I converted it into six apartments,” says S Ramadorai, Mumbai-based vice-chairman of Tata Consulting Services, India’s largest software services company.

Building restrictions and small plot sizes prevent high-rise construction in the city centre, resulting in limited supply. Residential sale and lease prices in Chennai’s upmarket neighbourhoods are now equivalent to those in Bangalore, its better-known southern counterpart.

Developers have concentrated on building aspirational homes for a mid-market audience in the city’s new suburbs, at substantially lower rates of approximately Rs3,400 (£44) per sq ft. The most popular format is a set of high-rise towers of two- or three-bedroom apartments, between 1,100 and 1,500 sq ft of built-up area, available for between Rs4m-Rs5m. These gated communities often have a country clubhouse, swimming pools and gymnasium.
Mylapore district in Chennai city

True Value Homes, a local developer, is constructing Chennai’s “tallest residential building” – TVH Ouranya Bay – a 29-floor, 100-metre-high residential property on the IT corridor, estimated to be completed in December. Two-bedroom flats start at Rs4.5m; the penthouse will be Rs14m.

The real estate boom of 2008 and subsequent slowdown of 2009 did not escape residential developers. “Prices have been nearly stagnant in the last six quarters, and there are fewer new mid-market launches and some unsold inventory of 2008,” says Ashutosh Limaye, head of research for the global real estate firm Jones Lang LaSalle in India.

Chennai’s prospects have attracted national real estate developers. Prestige Constructions, a Bangalore-based company, has been active in Chennai for a while. Last week, the company launched a 25-acre scheme for 2,600 units in 33 apartment blocks, scheduled to be completed in three years. The flats will span 600 sq ft studios to 2,500 sq ft four-bedroom units, and are priced at Rs2.7m-Rs12m.


Map of Chennai

The Mahindra World City, an hour away from Chennai, is arguably the most ambitious real estate bet on greater Chennai’s future. The 1,500-acre, mixed-use township is backed by the Mumbai-based Mahindra conglomerate, in partnership with state-run Tamil Nadu Industrial Development Corporation. “The goal is to create India’s first integrated business city with a self-sustaining ecosystem for work, home, learning and play; a decongested urban space not in the midst of cities,” says Sangeeta Prasad, the chief executive of Mahindra World City Developers Ltd.

In the 10 years since its inception, 38 businesses have set up in the Mahindra World City, such as Infosys and BMW, employing 27,000 people. Residential construction has been slower, to follow commercial expansion. The first scheme of 200 bungalows and apartments “has seen substantial capital appreciation and rental pull”, says Prasad. Now on offer are two schemes of 700-750 units each: Aqualily – high-end villas, twin homes and apartments, and Iris – mid-market apartments. Prices vary from Rs4m-Rs8m for the apartments and Rs10m-Rs20m for twin houses and villas.

As a city known for its temple culture, preservation of tradition and rooted identity, Chennai is still coming to terms with its new status as a global urban centre. However, its leisure and retail environment reflects its changing demographics. Venu points to the prevalence of Korean shops and restaurants as an example of the city’s multicultural character.

T Chitty Babu, owner of Akshaya Homes, a well-regarded local developer, observes that young people are getting on to the property ladder in their twenties and thirties, unlike earlier generations, who waited until their fifties. The firm is building 2.1m sq ft of residential real estate in the city, in a variety of formats. Top-end three- and four-bedroom apartments in its “36 Carat” residential scheme, near the central business district, range from Rs35m-Rs40m and will be ready later this year.

.....................................................

Buying guide

Pros

● Compact and accessible city centre

● Affordable, varied housing

● Opportunity to enjoy traditional arts and culture

Cons

● Hot, humid climate

●Less westernised than other major Indian cities

● Fewer modern leisure amenities

http://www.ft.com/intl/cms/s/2/b3f29...44feab49a.html

[Indian Sun]

"Less Westernized" it seems. So be it, we'll chalk out our own growth plan.

[TShyam]

Yeah I was a little irritated to see that in the "con" section.

[wlbkng]

Originally Posted by Indian Sun

"Less Westernized" it seems. So be it, we'll chalk out our own growth plan.

Enna pannalam?

Bikini girls 100 peru marina, elliots beach la 24x7 oda vidalam

Ponnunga dress code stockings+skirt, pasanga kizhinju pona tavusar (dead low hip only allowed, otherwise spanking at the spot as punishment)

Stylish graffiti on all centuries old buildings

Only football and rugby should be played.

All autos to be banned and only taxis permitted.

All bharathanatyam and other programs banned. Only ballet allowed.

Carnatic music banned. Only rock music allowed.