Baashyaam to invest Rs420 crore in new Crowne Plaza,a commercial-cum-residential property

TE Raja Simhan Chennai

As the famous Crowne Plaza hotel has been razed down, a new high-rise commercialcum-residential development will soon emerge to house one of the costliest apartments in the city.

Baashyaam Developers Pvt Ltd, who got the property, will invest ₹420 crore in the construction of Baashyaam Crowne Plaza, according to sources.

NEAR BOAT CLUB Sources said that the developer bought the property for nearly ₹700 crore. The property is close to the Boat Club, and the units could be sold at over ₹35,000 per sq ft. The proposed construction of the high-rise building will consist of an extended four basement floor plus

The units in the property, which once used to be a famous hotel, will be among the costliest in the city

ground floor (shops, restaurant, spa and waiting lounges) plus 1st floor to 26 floor residential building with 148 dwelling units and club house (double height) at 10* floor level.

The total plot area is 17,835 sqmand total built up areais 1,59,392.85 sqm.

The 26" floor will have two penthouses of around 20,000 sq ft each. This

means, each may cost 360 crore, sources said.

HIGH-END PROPERTIES Brigade’s Icon coming up at Mount Road and Taj Residences (Ampa) at Aminjikarai are the two major upcoming properties that would be on the high end, said sources. From just 10,100 housing units in 1999, Chennai now boasts of 275,000 units till

H1 2024, which is a 27-fold increase. This expansion has been accompanied by a significant rise in property values, with capital values ranging from 5,000 to 25,000 per sq ft in 2024, up from I8502,500 per sq. ft in 1999.

From 2021, an increase in the percentage of end users in the plots segment has led to a surge in plotted development projects in the suburbs of the city.

Implementation of Real Estate Regulatory Authority (RERA) has streamlined the market by improving various parameters such as transparency, accountability, and project delivery timelines.

There is a visible upsurge in residential projects along metro rail corridors.

In 2024, major infra projects such as Kilambakkam Bus Terminus and Parandur have also been added, the report said.