One of the major construction groups that have recently opened shop in Chennai is the Bangalore based ‘PURAVANKARA GROUP’. The group was established way back in 1975 and has emerged as a leading group in the development of investment property in Insdia. In addition to Bangalore, the group has started real estate development in a major way in cities like Chennai, Kochi, Mysore and Hyderabad. The group is also taking up projects in Colombo and in the United Arab Emirates.
When a 28,000 sq ft property was sold at the staggering rate of Rs 14,830 per sq ft at the posh Boat Club Road in Chennai in December 2005, little did the investors know that this property deal would send property rates soaring in the city. While most real estate developers would like to think that the realty boom, and huge investment in the real estate sector has seen world class infrastructure spring up in cosmopolitan cities like Mumbai, the financial capital of the country, Delhi- the political capital of the country and Bangalore, the IT hub of India, this is not strictly true. Experts opine that Chennai is not left behind in the race. The real estate boom has caught up not only with the major cities in the country, but relatively small towns like Chandigarh, Hyderabad, and Pune are also tracing sky scrapers. In January 2008, Chennai-based Sabari Foundations declared that they are to develop 308 apartments on a 10-acre site near the Sipcot Industrial complex at Siruseri. The estimated project cost is to the tune of Rs 180 crore.