NRI Real Estate and Property Investment in India
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New Airport Spurs Real Estate in Chennai
Tuesday, June 12, 2007

Infrastructure is known to drive the real estate market, proved yet again by the upcoming airport at Sriperumbedur, on the outskirts of Chennai . The Chennai suburb is witnessing a spurt in real estate activity, and the latest project is the NRI Centre city under the "Gated Community" project spanning 100 acres.

Independent homes with 4-5 bedrooms ranging from 1,500 to 4000 sq. ft area will be designed for the top-end market. City Square, the developers of this project, have executed projects like the "Nest" in Poonamallee, and "First City" in Sriperumbedur.

The Old Mahabalipuram Road would be the location of their next project "Bricks and Boundaries" on 100 acres. Lanco Horizon Properties Ltd has also undertaken to develop an integrated township at a cost of Rs.600 crore on 47.5 acres near SIPCOT in Siruseri.

The project would be completed in 3 years. The property would consist of residential towers, shopping areas and service apartments on an area of almost four million sq ft.

Last month, ETA Star announced its plans for setting up a USD 923 million infotech park on 350 acres, which would include a 200 acre residential complex, the Jasmine Court. The IT SEZ within the township will spread over 50 acres

Related Readings

Chennaiís OMR abuzz with Real Estate activity
ETA Star to develop IT Park in Chennai

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