Chennai being the hotspot for real estate in recent times, has got one another competitor in the form of Foreign Direct Investment (FDI). SARE homes, an FDI funded real estate developer, launched its ready-to-move-in apartment called ‘Dewy Terraces’ in Old Mahabalipuram Road (OMR) in Chennai recently.
Strategically targeting the IT crowd of Chennai, SARE Crescent Park township, which is a 112.2 acre residential township, is located between the East Coast Road (ECR) and OMR. According to the developer, these apartments are specifically designed for the middle class, which is potentially a large market for most of the real estate dealers in the city.
The prices of these apartments are carefully fixed to attract the middle class people. David Walker, the executive director of SARE homes is confidently expecting more buyers for the price offered.
“Our target is very specific. We focus on middle income people in the city. So keeping in mind their aspirations, we have built sophisticated township in a cheaper rate, starting from Rs 27.5 lakh to Rs 60 lakh for two and three bedroom apartments,” he said. The response has been positive from the buyers, who have already booked most of the apartments in the township. According to David, the other apartments will be also be booked soon, as the real estate market in Chennai is always dynamic.
SARE homes is currently developing one other integrated township in GST road, which is also a fastest developing SEZ corridor in the city.
This 61.5 acre project started in the year 2008 and is expected to be launched soon.