Godrej Properties is all set to enter the Chennai property market. It will develop RELATED ARTICLES
Godrej Properties tweaks business model about 12.5 acres — belonging to Amgalgamations Group company, Addison Paints and Chemicals — as a residential apartment complex through a joint development.
The property is located close to Chembarambakkam on the Chennai-Bangalore national highway, just after Poonamallee, a western suburb, whose surroundings have seen the launch of a slew of new residential projects.
“The firm plans to develop 1,500 residential apartments in the property. Area of most of the 2 BHK and 3 BHK apartments will range between 1,200 sq ft and 1,400 sq ft. The company will also have 1BHK studio apartments on offer,” a property consultant said.
The project, which will be launched soon, plans to target employees of several multinationals in the Sriperumbudur Industrial belt. Officials of Godrej Properties as well as Addison Paints could not be reached for comments.
“Some of these established traditional industrial groups are finding out ways to hedge their risks and make use of the boom in the residential segment of the property market,” Narayanan Ramaswamy, executive director, advisory services, KPMG said.
For Godrej Properties, which has already marked its entry in the south by developing a residential property near the Hebbal-Kempapura area in Bangalore, the joint development with Addison will pave its way into the growing residential market in Chennai.
With more than 40 companies and over 15,000 employees, the Chennai-headquartered closely held Amalgamations Group, one of the oldest industrial houses in southern India, is a billion dollar enterprise.
One of the largest light engineering groups in the country, Amalgamations’ operations include manufacturing of automotive components and paints, trading and distribution, services and plantations.
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