Akshaya’s new luxury homes in Chennai

The project comprises 31 units with swimming pools, built over 6,700 sq ft. The price is expected to be around Rs 7 crore

Akshaya, a leading property firm in Chennai, has recently launched a premium residential project Abov. Touted as the tallest residential tower in the state with a height of 132 metres, the project is to come up on a 1.66 acres at Kazhipatturon Old Mahabalipuram Road (OMR), which houses leading IT and BPO firms and is an emerging location for a range of housing projects.

The 38-floor Abov will have 31 apartments with swimming pools, built over 6,700 sq ft. One floor will have only one apartment. The price is expected to be around Rs 7 crore and the project is expected to be completed in three years.

The residential tower will also comprise a restaurant, an exclusive spa, a clubhouse, an ocean bar with floating sculptures. Besides providing a view of the sea, the location is close to the coast.

“With land becoming scarce and expensive, vertical development will be the viable option in urban locations. With this project, we are attempting to redefine premium luxury living. We have brought in partners from across the world, including designers, architects and vendors, for this project,” said T Chitty Babu, chairman and CEO of Akshaya.

Some of the big names involved in the project are doors from Barausse, kitchens from Aran Cucine (Italy), bathroom fittings from Villeroy & Boch, drainage technology from Viega, lighting from Flos, white goods from Siemens and Treemme Rubinetterie for bath accessories, engineered marbles and Italian toilet tiles and gymnasium equipped by Propel.

The key amenities include 100 per cent power back-up, touchpad controlled smart home, 10 years maintenance, four elevators, parking space for three cars (per home), suites for guest, piped gas supply, fire protection, private movie hall and gaming arcade, among others.

The project claims to have already received IGBC pre-certified platinum green homes rating. It is devoted to an enchanting horticultural mix with 91 per cent landscaping and 9 per cent living area. In addition to this, Crisil has awarded five-star rating for the project.

The 433-ft tall residential project has been conceived and structured to fulfil stringent norms, earthquake risk protection and multi-level of security systems, the company said

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Kotak Realty Fund, Chennai’s Akshaya Homes ink joint venture

BANGALORE: Kotak Realty Fund, the real estate private equity fund of Kotak Mahindra BSE 0.02 % Group, has entered into a joint venture with Chennai-based Akshaya Homes for construction of residential units on a 20-acre plot off Chennai's Old Mahabalipuram road.

"It's a revenue share venture where Kotak will hold 20% stake, while Akshaya will have the majority," said Chitti Babu , chairman and chief executive of Akshaya Homes.

In 2011, Kotak had engaged Mexican pre-fabricated affordable housing company Homex to develop the same land parcel for Rs 130 crore. The deal, however, did not get the necessary regulatory approvals. Kotak had acquired the land from Pentamedia GraphicsBSE 0.00 % in 2007 under the Reconstruction of Financial Assets and Enforcement of Security Interests Act.

Akshaya Homes plans to build 2,136 mid-income apartments on the plot with an average price of over Rs 3,000 per square feet. "The total investment in the project will be Rs 450 crore, excluding the land cost, and we are expecting revenue of Rs 750 crore from the proposed residential development," Babu said.

According to Venture Intelligence, private equity investment in the real estate sector slowed down in the first half of 2012. There have been 29 real estate investments worth $1.04 billion (about Rs 5,500 crore) this year, a 72% drop in cumulative deal value from 2011 that saw 87 deals worth $3.9 billion.

Kotak is in the process of raising Rs 1,866 crore through a foreign real estate fund to invest mainly in residential properties.

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