Chennai-based real estate developer Akshaya Pvt Ltd on Thursday announced the tallest residential tower in Tamil Nadu, with 38 floors. The project would involve an investment of Rs 100-120 crore.
Named Abov, it would have one house per floor with 6,700 sft single plate homes at Kazhipatturon, in Old Mahabalipuram Road, almost 20 km from Chennai. With around 13 metre (433 feet) height, it has 31 units with 32 swimmint pools, including small swimming pools attached to each of the units and a common swimming pool in the premises.
It would come up on around 1.66 acre through a joint venture with the land owners. The investment would be from internal accruals and project financing, said T Chitty Babu, chairman and CEO.
The price range would be from Rs 6.5 crore to Rs 7.5 crore. The project would be completed in three years, he added.
On the company’s strategy to increase the height of the project, he said, “We thought to go vertical since the availability of land is getting limited and converting agricultural land means cutting down the availability of crops from our own future.”