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Indian Real Estate News : Chennai
Hirco hands over flats at Palace Gardens, Chennai
Source: Indian Realty News Jun 16, 2010
Hirco Developments, which launched a large residential township project, Palace Gardens, couple of years ago during the realty boom at Oragadam near Chennai, handed over the first set of residential apartments last week. Palace Gardens is among Chennai's largest township projects and will have 10,000 apartment units, when fully completed over multiple phases. However, in the first phase, it took up the development of only 928 apartments for construction across two towers of 15 floors, six towers of 27 floors, and 11 low-rise buildings (ground plus three floors).

The project, planned as a self-contained township will have accompanying physical and social infrastructure that includes offices, schools, retail, healthcare and recreational facilities. The company is also providing infrastructure facilities such as road, water treatment plants, power back-up and waste management in the project.

The price of apartments at Palace Gardens, which started at Rs 2,400 per sq ft for the ground floor, has now edged up to Rs 3,600 per sq ft. However, buyers have to shell out an additional Rs 25 per sq ft for every floor they move up. According to V Suresh, principal executive officer of Hirco Developments, Palace Gardens is being developed over 369 acres. The township is located in the fastest growing business corridor in the Chennai region.

"While the 15-floor towers will be completed by March, 2011 and the 27-floor towers by the end of that year, we have now started delivering the apartments that have come up in the low-rise buildings. This will continue to be delivered every month on a regular basis," Suresh said. The township will have an exclusive club facility called Palace Club that is coming up over 1.83 lakh sq ft and will have almost all the sports and recreation facilities. In addition, the company is developing entertainment space over 14 acres.

Tag: Hirco Developments, Apartments in Chennai, Chennai Flats
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