Latest Property News on 'Chennai'

Tata to Develop Rs 30 bn IT SEZ in Chennai

Tata Realty and Infrastructure Ltd (TRIL) announced an agreement with Tamil Nadu Industrial Development Corporation (TIDCO) to jointly develop an IT special economic zone (SEZ) at a cost of Rs 30 billion (nearly $750 million) here.

Located on a 25-acre plot in Taramani, the SEZ will include a five-star hotel or service apartments, an international convention centre and help generate direct employment for 40,000 people and indirect employment to another 15,000. Read More »

Madurai Real Estate Hots up

Famous for its temples, Madurai has always been on tourists’ radar and gets a steady flow of visitors round the year. But that’s not the only claim to fame for the second largest city in Tamil Nadu. The IT boom has touched this temple town too, with Honeywell’s Research Lab (tied to the Thiagarajar Engineering College) and the TCS Disaster Recovery Centre being instrumental in IT development.

Spread over an area of 130 sq km, Madurai has a population of approximately 1.3 million. Domestic flights connect the city to state capital Chennai, Bangalore and Hyderabad. International connectivity from Madurai airport, located 13 km from the city centre, is also expected to begin this year. In fact, according to a Cushman & Wakefield (C&W) report, real estate development is increasingly moving to the southern and western parts of the city, mainly around the airport, Rirupparankundram Road and By-pass road. This is due to a scarcity of land in the CBD (Chinnakadai). Read More »

Realty Bites Tech Hubs in Bangalore, Chennai

The stock of unoccupied properties with real estate developers in the main technology hubs of Bangalore and Chennai is mounting and indications are that their problems will only get worse as software companies head towards greener pastures.

In Bangalore’s Whitefield suburb, once a magnet for IT firms, supply outstripped absorption by 300,000 sq ft in 2007 and about 8% of the developed area remained vacant, data from real estate consultancy Cushman & Wakefield (C&W) show. Prices are stagnating and the situation is deteriorating. In the first three months of 2008, the demand-supply mismatch was more than a million sq ft. Read More »

DLF, Nitesh, HDFC vie for Beacon House in Chennai

DLF, Nitesh Estates and HDFC Realty are amongst the bidders reportedly in the fray to acquire NRI tycoon C Sivasankaran’s Beacon House, located off the up market Cenotaph Road in the heart of Chennai. The 3-acre property, a former residence of UB Chairman Vijay Mallya when he controlled Best & Crompton (B&C), may fetch as high as Rs 225-250 crore, sources said.

Mr. Sivasankaran has mandated CB Richard Ellis to sell the property through an auction, with five bidders indicating early interest. While multiple sources confirmed interests from DLF, Nitesh Estates and HDFC Realty, unconfirmed reports indicated that local developer Arihant and Bangalore-based Sobha Developers are also in the fray. Read More »

3-Acre Chennai Plot on the Block for Rs 270 Crore

In a new record for Chennai’s real estate market, NRI businessman C Sivasankaran of the Sterling Group has put a three-acre plot off the arterial Anna Salai under the hammer for a reserve price of Rs 270 crore.

It works out to roughly Rs 20,000 per sq.ft. What’s more, the reserve price is a base price for bidders who are expected to compete aggressively for this prime property in the heart of the city. Read More »

Chennai Realty Projects in Limbo

Your dream home in Chennai could be in jeopardy. The city’s real estate developers are struggling to get clearance for projects totaling almost 50 million square feet.

A mall in Chennai has been delayed for over a year. It’s not just shopping centers; almost 90% of the total construction in the city has been in limbo in spite of the projects being announced a year ago. The reason is that the Chennai Metropolitan Development Authority, the governing body for approvals, has been delaying the files for well over a year. Read More »

Chennai Realty Boom attracts Companies from Israel

Israel has landed in Chennai. After the domestic, the US and the European firms homing in on Chennai to cash in on the city’s real estate boom, it is now the turn of a host of Israeli firms to make a beeline into Chennai, otherwise known for its idlis and vadas and not to mention the cuppa full of kappi. A slew of Israeli firms have lined up mega investment plans in the Chennai real estate market. This is despite the property prices in the city has gone through the roof and ruling at all-time high levels with no signs of fatigue.

According to the Chennai-based real estate advisor, Hemdev International Realty Services, at least a couple of Israeli real estate majors have lined up mega investment projects in the city which include both commercial and residential projects. According to them, Israeli firm Elbit Medical Imaging Ltd has invested close to $135 million in a Chennai property which will have both commercial and residential projects. The company had already acquired land for the hybrid project. Read More »

India Infoline Forays into Real Estate Business by Acquiring an IT Park in Chennai

Financial services provider, India Infoline has acquired an IT park in Chennai for about Rs 80 crore and is entering into a partnership with Indus group to promote real estate projects. The newly acquired facility will function as a captive centre that will offer back office support for the company’s India operations.

The IT park, called ‘Techscape Towers’ was owned and developed by city-based Indus Group, a 25-year old realty player promoted by the Lunawath family. The partnership with Indus is part of Indus Infoline’s strategy to diversify into the real estate business. Read More »

Chennai Retail Sector Set to Boom

Mall culture in Chennai is all set to exert its full allure, with over 20 glitzy shopping malls planned to come up in the next three years. Some notable upcoming retail projects in the city are to be introduced by reputed builders such as DLF, Shriram Properties, and Prestige Group.

Bangalore based Prestige Group has plans to build a second Forum mall in the city’s artery, Mount Road. The group has recently completed a Forum Mall at Vadapalani in Chennai, in a joint venture with Vijaya Group. Spread over 17 lakh square feet, the mall involves an investment of Rs 350 crore. Read More »

Church Land In Chennai To Attract High Bids

South India property market may undergo a paradigm shift with an auction of a 9 acre plot on Chamier’s Road in the Chennai’s central business district. The site is wooing big realty players of national repute. The list includes the prominent names such as Hiranandanis, DLF, Unitech, Nitesh Builders. They all put in bids evaluated at over Rs 500-550 crore.

The Archdiocese of Chennai administers properties through a trust. The Authority is offering the land on a 66 years lease. In addition, there is no renewal clause attached to the land, which is primarily attracting the bids. However, the bids will be open this week. Read More »