ARE unveils 18-storey high residential tower

    Appaswamy Real Estates (ARE)
    The Chennai-based Appaswamy Real Estates has sealed Rs.400 crore deal with True Value Homes (TVH), another city-based developer, to develop 19-storey residential structure at Kotturpuram, claimed sources that the deal had been concluded and Piramal Fund would advance over Rs.200 crore to Appaswamy Real Estates to fund the upcoming project with a high-end residential project at the site. Over the last few years, several developers eyed this land parcel, which was once part of the 18-acre Adyar Villa owned by SPIC promoter A.C. Muthiah‘s family and TVH bought this land in 2009 in a Rs.120 crore deal. According to property consultants, Chennai in the last two years has seen places such as Kotturpuram, Anna Nagar and Egmore emerge in the luxury real estate space. The localities are witnessing the highest growth because they address the city‘s new-found need for affordable luxury.
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