Emaar MGF, one of the leading builders in India, is planning to set up a mega housing project at the northern part of Chennai. The project, to be called as Esplanade, is the first such major project to be developed by any leading developer in the northern part of the city and also claimed to the largest housing project to be developed within the jurisdiction of Chennai Metropolitan Development Authority (CMDA).
Spread over a stretch of 14 acres of land at Tondiarpet, the project will consist of 536 apartments with an average size of 1,500 sq ft each. The project will have three different types of apartments and will be set up in 24 towers.
The apartments will have an integrated security systems, centralised gas pipe connections, 1,000 MV generator back up power for each apartment, sewage treatment and reverse osmosis plants.
According to William Rattazzi, chief executive officer, ?Esplanade? is one of the first redevelopment projects in Chennai. While most of the old projects and the new developments are focused towards southern Chennai and Old Mahabalipuram Road (now Rajiv Gandhi Salai), Esplanade leads the way in providing customers best in class apartments.
When asked to comment on the project cost, he declined to divulge the same. However, he said that ?Esplanade? is one of our first few projects planned for the southern region and hence it assumes significance for the company. The project will be partly funded by internal accruals and the remaining will be generated through sale of apartments.
The per sq ft cost has been fixed at Rs 3,400 and the project has been targeted at businessmen as well as middle cass people, he said. This project will be a reflection of the company?s commitment to bring a residential development that integrates modern design, amenities and facilities, he added.