The total investment in such projects in this area is estimated at a whopping Rs 550 crore (Rs billion).
Vijay Shathi Builders, Naveen Construction, Jain Housing & Constructions, Rams Constructions and 8 to 10 other smaller players have started projects in the initial stretch of three to four kilometres from the Tidel Park.
An integrated township is promoted at an investment of Singapore $200 million (about Rs 500 crore) to meet the housing requirements of the IT personnel in the 1,000 acre Siruseri IT park.
This township is promoted by Singapore-based Lee Kim Tah Holdings and India International Insurance Pvt Ltd wholly owned foreign subsidiary of General Insurance Corporation of India would be first and largest township in the IT corridor. It will house about 6,000 apartments in 102 acres of land.
Phase-I of 350 apartments consisting of two bedroom units covering about 1,000 to 1,500 sq ft is expected to be completed in a year.
The integrated township will host all modern amenities and recreational facilities, including commercial complexes, schools, social and health services, playgrounds and parks.
Naresh Jain, executive director of Vijay Shanthi Builders, which has four on-going residential projects of 2.5 lakh sq ft in Perungudi, says that property prices have risen 40 to 50 per cent in Perungudi, Thoraipakkam, in the last two years.
Kamal Lunawath, executive director, Arihant Foundation & Housing Ltd, says the impetus real estate development has come from projections that about an additional one lakh people will be employed in the IT belt in the next one to two years.
Tata Consultancy Services is promoting its facility in 75 acres of land in the Siruseri IT Park. Singapore-based Ascendas construction is on to the second phase of its 5 lakh sq ft project and Bangalore-based RMZ's second project of 5 lakh sq ft is expected to be complete by early 2007.
Ramesh Nair, associate director-corporate solutions, Jones Lang LaSalle India, explains that there are about 30,000 people employed in IT and BPO companies along the corridor, with a couple of IT parks nearing completion like Ascendas International Tech Park, whose first phase is of 5 lakh sq ft, RMZ' Millenia, Arhihant IT park and Rajyog's IT park.
All IT bigwigs from Infosys to Cognizant Technologies Solutions have their own facilities in Sholingnallur.
Lunawath says that Arihant will invest Rs 75 crore (Rs 750 million) to construct 300 apartments in a six acre property in Thoraipakkam.
Work is expected to start in four months. Each apartment will be priced between Rs 20 lakh and Rs 33 lakh. Arihant is also promoting an IT park that is expected to be complete by the end of 2005.
Nair says developers must offer amenities like health clubs, sports facilities, supermarkets etc in this belt so that the residents don't need to travel to the city for those.
