LML Homes acquires 5-acre land parcel in Chennai for ₹60 Cr

CHENNAI: LML Homes, a residential apartments developer, has acquired a 5-acre land parcel in Kattupakkam, Chennai - close to the proposed Metro rail station. The value of the purchase transaction is Rs 60 cr.

Anarock Group has been appointed as the strategic partner to market and sell the proposed project, which will consist of approx. 400 premium apartments of various sizes developed over half a million square feet. The project will have lifestyle amenities also.

Mahesh Kothari, MD, LML Homes says this would be a prestigious residential project and one of its kind in the Porur / Poonamallee micro market.

“Currently, the demand for premium homes is at a peak in Chennai,” he says.

“This is the right time to develop a premium housing project in this key micro market.”

Sanjay Chugh, City Head – Chennai, ANAROCK Group, says, “Porur is witnessing significant real estate activity due to increasing demand from IT professionals working in nearby IT parks at OMR and also in Ambattur. It is in close proximity to major IT hubs including DLF IT Park, Jayanth Tech Park and TCG IT park. It is also well connected with the Sriperumbudur industrial belt, which is home to several industries and manufacturing plants.”

Porur is likely to see an influx of more IT Parks by players like RMZ Corp, K Raheja Corp and ASV, demand for housing in and around the area will gain momentum in the coming quarters.