Chennai
With the overall size of the housing market growing every year, it is the turn of property developers to enhance their area of operation in neighbouring states. The companies which went public a few years ago are now compelled to enlarge their operations across the country. In Chennai alone, around ten Bangalore developers are operating today.
While a majority of them are developing residential projects, companies like RMZ Corp. have focused on commercial development but are now planning to diversify into residential sector as well. The early entrants are Puravankara Projects and Mantri Developers.
Puravankara has two ongoing residential projects in Kelambakkam and Pallikaranai which is the largest project in the city with 3,000 apartments. Mantri has one project in Padur. Ozone group is doing a mixed-use development of 42 acres in Anna Nagar.
Embassy group is developing an integrated township with 2482 apartments spread across 25 acres of land in Perumbakkam, near Sholinganallur. Prestige group and Sobha Developers are the new entrants. While Prestige group has launched a joint venture project in Porur to build 2613 homes on 25 acres of land, Sobha Developers has launched two projects, comprising development of international apartments on OMR and luxury apartments near Porur. Besides, Sobha Developers has also built an ancillary unit to undertake production of building materials in the city.
Brigade Group is developing a hotel project in Kottivakkam and retail development in Perungudi besides planning to launch more projects in the coming months.
There are other developers like Nitesh Estates, Shanders, Salarpuria and a few others who have been exploring the market to identify suitable land parcels for maiden entry but somehow it is getting postponed due to a combination of factors, according to market sources. Whereas, Shriram Properties has more projects under development in Bangalore than in Chennai and has also expanded its operations across Hyderabad, Vishakhapatnam and other cities.
Among the very few developers from Bangalore who have specifically focused on commercial development so far in Chennai is RMZ Corp., but they are also planning to diversify into residential development and considering multiple options. Most of the projects undertaken in the residential sector by the Bangalore developers are under joint development.
Source: http://content.magicbricks.com/bangalore-developers-expand-operations-in-chennai
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