Chennai, India (PressExposure) April 09, 2009 -- Real estate in Chennai, India has had some bad press because of some unwholesome developments there in the recent past. This has led to a lot of negativity among buyers and investors. However, Chennai real estate is all set to redeem itself on the credibility radar with the introduction of some truly worthwhile projects. In the long term, only developers with sufficient credibility will make their mark in this highly circumspect market, and there are now signs of this happening.
Last weekend saw the successful launch of Tranquil Acres, a residential project promoted by the Chennai based real estate firm Plaza Group and exclusively marketed by Homebay, a wholly owned subsidiary of Jones Lang LaSalle Meghraj. The project is situated close to Velachery, a strategic location in the centre of the two fastest growth corridors in Chennai - the OMR and the GST Road.
The project comprises of 250 apartments which include 2-Bedroom, 3-Bedroom and Serviced Apartments spread across 5 acres. The extensive marketing campaign for the launch of the project received an overwhelming response, resulting in 70% of the apartments being sold out in the first week itself.
An attractive price-tag and the indubitable advantages of the location were the obvious reasons for the tremendous response. The project presented an attractive proposition for the first-time homebuyer, with a price that compares very favorably with those prevailing in surrounding areas like Velachery, Pallavaram and Perungudi. Investors have taken note of the immense potential of this project in terms of capital appreciation, considering the rapid infrastructure developments in and around the site. The area derives considerable value from the presence of prominent commercial and IT companies, educational institutions and healthcare facilities. The proximity to the airport presents an excellent opportunity for rental housing.
The developer is confident that with the sustained demand, the project would be sold out shortly, considering its value proposition and its positioning to serve the need of the latent market.