Published & Updated as on - 2010-03-16

Tata Teleservices Ltd (TTSL) has acquired 75,000 sq.ft. of built-up space for Rs 28 crore in Prince Infocity II, a new IT building in Chennai.

According to a press release from Prince Foundations, the developer, it is the first ‘Twin tower' style in the city and is built as per international standards with a separate service block ensuring high levels of safety. The facility is on Rajiv Gandhi Salai (OMR) at Kottivakkam.

The developer has also leased 1,50,000 sq.ft., in the same building, to another IT company, 3i Infotech, which is a subsidiary company of ICICI. 3i Infotech has consolidated its four offices in the city into a single large facility in this building.

The developer is also in the process of finalising another 2,00,000 sq.ft on lease to another reputed multinational IT company in the same building.

VGN's 2-BHK apartments

The Chennai-based VGN Developers Pvt Ltd, is launching Ferndale, a 2-BHK project at Mogappair East, in Chennai, with premium specifications, lifestyle amenities and option to customise.

Priced at Rs.3,600 a sq.ft the 2-acre project, with 160 housing units of from 731to 1,042 sq.ft, says a press release from VGN. Mogappair, today is a well developed locality close to Anna Nagar and Ambattur.

Shriram Properties' housing project

Mfar Constructions, an associate company of Galfar Engineer & Contracting SAOG, Muscat, has bagged the construction contract of Shriram Properties' township project in Chennai.

The project Shriram Shankari by the property development arm of Shriram Group is coming up at Guduvanchery, off GST road (NH 5) — the arterial highway connecting Chennai to the Southern parts of Tamil Nadu.

Shriram Shankari spread over 36.1 acres will cater to budget conscious consumers in the affordable housing segment. Starting at Rs 11.5 lakh, Shriram Shankari offers choice of one-, two- and three-bedroom apartments. There will be 1,716 apartments developed over three phases. The unit size of the apartments will range from 585 sq.ft to 1,544 sq.ft.

The release quoting Mr M. Murali, Managing Director, Shriram Properties, says the company has extended its relations with MFar which also developed its earlier project in Bangalore — Shriram Sadhana. (EOM)

Gurgaon realty perks up

As a real estate destination Gurgaon has witnessed a major swing, from complete obscurity to a much-hyped North Indian growth corridor, followed by overheating, slump and now back to the top slot as a residential real estate investment hotspots, says Mr Santosh Kumar, CEO (Operations), Jones Lang LaSalle Meghraj.

As with new sectors, residential property demand at Gurgaon began on a strong note but in 2007-08 after speculative deals, the market sharply corrected with investors in the residential real estate market cutting prices. Developers too set their focus on the affordable and mid-sized apartments.

The focus on this vital market by domestic and international players has resulted in a visible scaling up of development in terms of commercial office and retail space from the 22 million sq.ft of office space at present to an anticipated 40 million sq.ft by 2012. As a result, Gurgaon is once again witnessing a massive infusion of demand for quality residential properties.

In the main residential areas and projects of Gurgaon, such as DLF Phase I-V, Golf Course Road, M.G.Road National Highway 8, Nirvana Country, Sushant Lok and Sohna Road property rates have again started picking up. Residential as well as commercial properties of different varieties are available in these locations, and demand for them is perking up fast.

Source: Hindu Business Line 14/3/10