As the famous Crowne Plaza hotel has been completely razed down, a new high-rise commercial-cum-residential development will soon slowly start emerging to house one of the costliest apartments in the city.

Baashyaam Developers Pvt Ltd, who got the property, will invest ₹420 crore in the construction of Baashyaam Crowne Plaza, according to sources.

Sources said that the developer bought the property for nearly ₹700 crore. The property is close to the Boat Club, and the units could be sold at over ₹35,000 per sq ft.

The proposed construction of the high rise building will consist of an extended four basement floor + ground floor (shops, restaurant, spa and waiting lounges) + 1st floor To 26 floor residential building with 148 dwelling units and club house (double height) at 10th floor Level.

The total plot area is 17,835 Sqm and total built up area is 1,59,392.85 sq m.

The 26th floor will have two penthouses of around 20,000 sq ft each. This means, each may cost ₹60 crore each, thus making it one of the most expensive places, sources said.

Brigade’s Icon coming up at Mount Road and Taj Residences (Ampa) at Aminjikarai are two major upcoming properties that would be on the high end, said sources.

According to JLL’s report, “A transformational journey: 25 years of Chennai, launched recently, the real estate landscape in Chennai has undergone a dramatic transformation in the past 25 years,” the residential sector has grown tall as well.

From just 10,100 housing units in 1999, Chennai now boasts 275,000 units till H1 2024, which is a 27-fold increase. This expansion has been accompanied by a significant rise in property values, with capital values ranging from ₹5,000 to ₹25,000 per sq. ft in 2024, up from ₹Rs 850-2,500 per sq. ft in 1999.

Post Covid, that is 2021 onwards, an increase in the percentage of end users in the plots segment has led to a surge in plotted development projects in the suburbs of the city. Implementation of Real Estate Regulatory Authority (RERA) has streamlined the market by improving various parameters such as transparency, accountability, and project delivery timelines.

There is a visible upsurge in residential projects along metro rail corridors. In 2024, major infra projects such as Kilambakkam Bus Terminus and Parandur have also been added, the report said.

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