Chennai
There was a time when the 15-storey LIC building was the only skyscraper in Chennai and it was common to see residents and visitors gawk at it in awe while trying to count the number of floors each time they passed by. But over a period of time, the skyline of the city has changed remarkably with several high-rises all set to come up here. The demand for high-rises has gone up exponentially in recent times, as the city dweller now increasingly prefers to live far away from the ground, with lesser pollution and increased privacy and doesn’t mind shelling out a premium for such a lifestyle. Another important factor that has spurred the development is that with international travel becoming common, people expect similar facilities in the city.
P A Unni, Director, Vasan Eye Care, who stayed in high-rise apartments during his trips to Singapore and Dubai, wanted a similar apartment back home in Chennai. “I felt that skyscrapers are going to be the future of Indian cities, and investing in one would be a wise decision. While I was abroad, I completely felt the benefits of these highrise structures. You get an amazing view of the city, plenty of fresh air and the whole experience is fantastic,” says Unni, who bought an apartment at True Value Homes’ Ouranya bay, on OMR, which gives a view of the sea and the Muttukadu Lake.
Developers too prefer going vertical, as it allows them to set aside land for greater amenities and landscaping. “The primary reason behind the interest of property developers in such projects is to give more open space for the residents; they have more space to move around freely, the children have large play areas and there are better amenities,” says Wilson Mathews, Director – Sales and Marketing, True Value Homes. Wilson believes that the market for such apartments is bound to grow in the time to come. “Every family wants to experience the joys of fine living in these high-rise units. In the modern scenario, people are looking for their own space, which is free from pollution, dust and space crunch. High-rise buildings not only give them these benefits, but also prove to be a good investment option, fetching better rentals and resale value. The skyline of a city gradually changes with more such projects,” says Wilson.
Added amenities and new features help promote the project to prospective buyers, who demand more open space with better view and less pollution. Chitty Babu, Chairman, Akshaya Pvt Ltd, strongly recommends vertical development as the buildings consume lesser footprint. According to him, the company’s new project Abov, a 32-floor skyscraper, will use only 8 to 9% of the 1.66 acre area which will help him earmark the remaining space for other amenities for the customer. Abov has several new features including a swimming pool on every floor, an all-round deck overlooking the surroundings, a fine dining multi-cuisine restaurant and a spa. He has used a smart home model where ipads will control the entire apartment. According to Chitty Babu, in a competitive market, you cannot survive unless you come up with different strategies and innovations regularly. While for some, it is the desire for an international lifestyle, for others, it is the safety and community feeling that such high-rises offer that tilts the balance in the favour of such buildings.
Arvind Santhanam, a top official in a private company, says he has always preferred to live in a high-rise. Arvind, who has bought an apartment on the 17th floor of Olympia Opaline on Old Mahabalipuram Road (OMR), says, “For a working couple, it makes sense to live in such places as the maintenance is better, safety requirements are met with, and the children also find friends. Parking, which is a big problem in most places, is also taken care of here. There is also a sense of community bonding in such places as you don’t feel cooped up in your home.”
With competition picking up, most developers are trying to capture the buyer’s interest by coming up with better amenities and facilities. The Archean Group has prepared the ground to launch Albatross, a 50-floor skyscraper, also on OMR, which has got clearance from the Directorate of Town and Country Planning (DTCP).
Nakshatra Roy, Director, Archean Design & Development Pvt Ltd, says swimming pools, saunas and jaccuzis and other facilities have existed in buildings in Chennai from as early as 1998. Now the emphasis is on providing more outdoor facilities. “Albatross, for instance, will have a camping site, study centre, vegetable garden for children, a simulated driving arcade, a toddlers’ pool and a pool with a water slide. The demand for high-rises has gone up in Chennai in recent times because a house on the top floor offers several benefits. Pollution is low, you have greater privacy as you don’t end up looking into someone else’s kitchen or living room, and the view is fantastic,” he says. “The construction cost is slightly higher but land costing remains the same and there is the extra benefit of greater amenities and facilities. So the biggest beneficiary is the consumer,” he says.
Besides, a high-rise apartment also allows the builder to utilise the FSI in a more optimum fashion. “When a building grows vertically, there is better utilisation of the FSI. Even when a project is spread across a wide area, we try utilising maximum space for landscaping and developing the common amenities as people are now looking for space. They wouldn’t want to open their window and see what is happening in their neighbour’s home. Besides benefits of space, ventilation and view, there is far less mosquito menace in a sky scraper,” says Ajit Chordia, MD, Olympia Tech Park, whose 19-storeyed Opaline Sea View is located along the OMR.
These projects do come at a cost, as Wilson explains. “While there is a huge rise in the cost of land and an additional cost for constructing these structures, we still find consumers preferring the highest floor even when it comes at a premium rate,” he says. Concerns about the safety of such buildings in the wake of natural disasters also seem to have been taken care of. “We have recently launched a high-rise building on the LB Road Quadrant, which gives an amazing view of the green cover in Adyar and the Adyar river. We have used the best structural engineers and the best of technology in these projects,” says Wilson.
In spite of all these facilities, not everyone seems to agree with this concept. Malavika A, who recently bought an apartment in a 19-floor building doesn’t really see an advantage in shelling out extra to live on one of the top floors. “For every floor that you move up, you have to pay an extra 30 per sq ft. For someone like me who has bought the house as an investment, it does not make sense to shell a couple of lakhs extra only to live on the top floor,” she says. With more and more high-rise projects being launched in the city, the skyline is definitely slated for a gradual, but sure change. Only time will tell us how far-reaching its impact will be in the real estate scenario of Chennai.
Source: Times Property, The Times of India, Chennai
