Appaswamy Real Estates targets ₹8,000 crore from Chennai projects
The company plans to develop 5 million sq ft of real estate in Chennai over the next 3 to 5 years.
Appaswamy Real Estates aims to generate a gross development value (GDV) of ₹8,000 crore from its 5 million sq ft Chennai pipeline over the next 3 to 5 years, according to a BusinessLine report.
Chairman Ravi Appaswamy said the company is planning premium residential launches in Adyar and Thiruvanmiyur before June. The pipeline includes homes ranging from ₹70–80 lakh to over ₹8–10 crore.
A project near the airport will feature more than 600 apartments priced between ₹1.5 crore and ₹4 crore. Appaswamy noted that demand for premium homes is rising among local buyers and the next generation.
The firm is also expanding its hospitality sector with a proposed $150–180 million luxury resort in the Maldives. This 60-acre island project will include 30 island villas and 60 overwater villas, operated under the Marriott International Edition brand.
The Maldives project is expected to be finished in 12–15 months and will be funded through debt and internal accruals, with debt making up more than 50 per cent of the cost.
To address rising raw material and labour costs, the group is using automation and prefabricated components. The company is also looking at hospitality opportunities in Kumbakonam, Tiruchi, and other southern states.