Arihant slashes prices OMR residential project

Tags: Real Estate

Facilities at the 280-unit complex include gym, library, swimming pool, supermarket and serviced apartments

Arihant slashes prices   OMR residential project
Within days of DLF offering a discount for homebuyers at its Gardencity project, coming up between Old Mahabalipuram Road (OMR) and East Coast Road (ECR), Arihant Foundations and Housing is offering discount for its apartments at Arihant Escapade, a 280-unit residential project at Thoraipakkam on OMR, Chennai’s IT Corridor.

The company, which launched the project sometime back, is now offering a few of the unsold flats at a special price of Rs 4,150 per sq ft, against the original price of Rs 4,500 per sq ft. “We have only a few flats left unsold and hence the special price,” a company

official said.

“Any price above Rs 4,000 per sq ft for projects coming up on OMR, may still look on the higher side for most buyers. But, fortunately Arihant has already sold most of the flats and only a few are left,” said a property consultant on condition of anonymity.

Coming up near D B Jain College, Arihant Escapade is about 5.5 km from Tidel Park. The project comprises four blocks, built on stilts with four floors housing 2BHK and 3BHK units.

Besides the Rs 4,150 per sq ft, buyers have to pay additional charges that include registration, TNEB deposit and metro water charges, besides for car park

and club membership as well as the deposit towards the maintenance kitty.

According to the company, the project has been approved for housing loans from financial institutions such as HDFC Bank, ICICI Bank, Citi Bank, IDBI Bank, Kotak Mahindra Bank and Union Bank of India.

Among the common facilities available for the residents include indoor swimming pool with jacuzzi, children’s pool, squash court, a well-equipped gym and steam room. In addition, the games room has a pool table and table tennis. Some other common facilities include serviced apartments, a library, a multi-purpose hall and a supermarket. The project, coming up over 5.5 acres, is nearing completion.

The company says that it has built more than 3,500 residential units and plans to develop 16 million sq ft within the next four years, catering to the high and exclusive villa segments as

well as the middle and upper-middle segments.

It plans to consolidate and remain focused on the lucrative southern markets — Chennai, Coimbatore, Madurai, Vijayawada and Hyderabad.

As of now, the company has developed over six million sq ft across residential and commercial space.

They have collaborated with leading developers and foreign investors such as JP Morgan and Samsara Cap. Partnerships were formed with industry leaders for construction such as Larsen and Turbo, Consolidated Construction Consortium and Simplex Projects. Arihant also has alliances with international players for architecture and landscaping — Architects Team 3, Taib Landscape Studio, PDAA Landscape Designers and CPG Consultants.

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