Height of realty: Chennai’s skyline transforms as vertical living takes over

CHENNAI: Even as cities around the world, including those in India, begin growing skyward, Chennai prefers to stay low, and instead targets its growth outward. Now, however, this penchant for low-rise comfort seems to be fading, and developers initiating new projects are increasingly looking at building highrises for both residential and office spaces.

Arun Bharathi, managing director, GTB Urban Developers, who has spent six years studying models in Dubai and Singapore and also cities in India, says the shift is both necessary and inevitable.

“For Chennai to look beautiful and also retain its green cover, this is the way forward,” he says. “Vertical structures can help preserve nearly 30% of land. If the floor space index (FSI) allows more floors, there is no need to restrict the number of floors. Globally too, governments push vertical development to avoid an uncontrolled concrete sprawl.”

Commenting on this, real estate veteran Prakash Challa, managing director, SSPDL, says the city’s long-pending dream of highrises is taking shape. “Chennai is a coastal city and we get good sea breeze after 2.30 pm. There is better ventilation and views in such apartments,” he says.

Some of the prominent high-rises that are either coming up or finished include Appaswamy’s Azure The Oceanic (RA Puram), Malkoha (Guindy-Velachery), ParkHouse Mews (Guindy-Velachery), Brigade’s Altius (Sholinganallur), Ceebros’s 174 (MRC Nagar), Atlantic (Egmore), Temple Tree (CP Ramaswamy Road), ASTA Arise (Alwarpet), E Residences (Anna Salai), One Crest, (Nungambakkam), Crest Residences (Phoenix Mall-cum-Residence, Velachery), Baashyaam Crown Residences (Koyambedu) and Taj Skyview Residences (Aminjikarai). Among the tallest are SPR City’s Highliving District in Perambur with 45+ floors, and House of Hiranandani Upscale in Egattur with its 46-storey towers. Pacifica Aurum Pride Towers (Padur), Casagrand’s Flagship (Pallikaranai), First City (Sholinganallur), are pushing heights further across OMR and Guindy.

Though these are dwarfs compared to the skyscrapers across the world that stretch beyond the vision limit, this is a start for the city. “Vertical living,” Bharathi insists, “is here to stay and will define the Chennai of the future.”

Redevelopment rush

More than a design or lifestyle choice, vertical growth is primarily a matter of feasibility. Given the price of land parcels in the city, it is imperative for builders to increase the height of the structure to ensure that these multi-crore projects are profitable.

This is especially true in the case of core city areas, where developers are aggressively pursuing redevelopment of existing structures, including what once were marquee properties.

Bhaashyaam Realty has picked up Crowne Plaza and the Standard Chartered Scope campus (Rs 1,212 crore). Brigade is redeveloping the TVS Sundaram Motors property on Anna Salai. ASTA is reviving the Old President Hotel on RK Salai, while CasaGrand is redeveloping the Udhayam theatre property (Ashok Nagar).

A key example is Standard Chartered’s iconic Scope International Campus on Haddows Road. Once a nerve centre for the bank’s back-office operations, the property is being redeveloped by Bhaashyaam into a premium mixed-use tower with Grade A commercial space.

High class

This uptick is part of what Sanjay Chugh, city head (Chennai) and director, Anarock, calls Chennai’s “catching up” phase. “Luxury homes are an emerging asset class,” Chugh says.

Developers now offer clear categories from premium, luxury, uber-luxury to high-end. “Pent-up demand from larger joint families remains strong, while nuclear families scarred by COVID are seeking community-managed projects with strong associations and superior amenities. High-rise offerings have scaled up and they are packaged nicely too,” he adds.

Palaniappan Ampa, president-owner, Ampa Group, says mixed-use luxury inside the city is gaining ground. “Community of multi-use development inside the city is a success. Townships are now moving inside the city,” he says.

One of Ampa’s large luxury projects will be completed within two years, and the differentiator is customised amenities: his Nelson Manickam Road project, co-branded as Taj Skyview Residences, offers white-glove service that the upper crest of the society is used to. It can house 150 cars inside the property. Sports stars, actors and entrepreneurs are among the new A-list buyers.

A long-time industry watcher says demand for residences in the heart of Chennai comes from affluent buyers, who value access to clubs and social hubs. “Such apartments, right in the heart of Chennai, are available for relatively lower cost compared to other metros,” he says.

With restrictive visa regimes in the West, he believes more wealthy global Indians may return to Chennai over the next decade. “High-end schools, multi-speciality hospitals, sports academies, recreation clubs and premium hotels,” he points out, “are making the city hard to ignore.”