Change in investor preferences nudge developers to take up high-rise build apartment complexes
With urban land prices skyrocketing in recent years, real estate developers have forayed into building high-rise residential projects within the city limit to cash in
With urban land prices skyrocketing in recent years, real estate developers have forayed into building high-rise residential projects within the city limit to cash in on the growing demand. The city’s first apartment was said to have been constructed on the Railway Station Road in Srirangam. During the same period, a few projects sprang up in Thillai Nagar and Cantonment areas. Since they became an instant hit, several promoters began launching projects to provide affordable housing. It has now emerged as one of the hot markets for limited story apartments. Almost all of them were confined to building 18.3 metres (tilt plus five floors) apartment projects.
The market was dominated by low-rise apartments. According to industry sources, the city’s real estate landscape is now shifting towards vertical growth with the introduction of high-rise residential projects. It is mainly due to sharp increase in land prices in urban areas and demand for customer-driven modern residential experience. At least 10 leading promoters have announced high-rise apartments of 30 metres and above. Two players have already begun the construction work. One of them is coming up at Morais City on the Tiruchi-Pudukottai Highway, another one is progressing at Woraiyur. Another leading company is about to start construction work on a three-acre area at Ramji Nagar on the Tiruchi-Dindigul Highway.
“We have seen a flurry of activities in recent past towards building 11-plus floor high-rise apartments in the city. There is a clear change in customer interest towards ultra modern housing. It is mainly driven by the Non Resident Indians, who are accustomed to luxury living in high-rise buildings,” says N. Anand, Managing Partner of Jeyam Builders, and Vice-Chairman of CII, Tiruchi Zone. “High-rise apartments offer a different living experience. It can offer excellent airflow, clear ventilation, broader views and a more modern luxury living environment. We notice a stronger buying demand. I foresee the shift towards building high-rise apartments will be faster in Tiruchi,” says Leyronne Morais, Managing Director of Morais Developers.
The projects invariably come up with a number of safety features and parameters. Similarly, many facilities such as gated access, club houses, fitness centres, social spaces, swimming pools, landscaped garden terraces, integrated sport facilities, theatres, and others can be offered with ultra luxury standards. More importantly, they would come up with better planned and organised layout in tune with current urban expectations, Mr. Morais added.
The BriefWire