CHENNAI: Realty sector in Chennai is growing slowly and developers want the growth to be gradual rather than the unprecedented one witnessed during the boom, according to a developer.Launching a residential project ‘Alta Vida’ at OMR, Chennai, on Thursday, R Viswanathan, president of Yuga Homes, said the realty sector was gaining momentum and predicted a boom in OMR area, which is emerging as Chennai’s IT hub.Interestingly, his observations come in the wake of a report by the Real Estate Intelligence Service (REIS) of Jones Lang LaSalle which states that there will be a rise in demand for office space in Chennai this year as over one million square feet of space is being absorbed in the first quarter due to increased confidence among major real estate stakeholders.The Alta Vida project, promoted by the Consolidated Construction Consortium Ltd (CCCL), combines modern apartments with beautiful landscaping and ample open spaces. It is located in Thaiyur, opposite SSN Engineering College on the Old Mahabalipuram Road. The company will develop approximately six lakh square feet in five acres of land, said Viswanathan.Alta Vida is designed as a high-end residential project and will consist of 600 apartments in 1, 2 & 3 BHK options. The high-end affordable homes at Alta Vida will range between 570 sqft and 1,300 sqft.Cricketer R Ashwin is the brand ambassador of Alta Vida, which would be built in two phases accommodating about 600 apartments in blocks of stilt + 12 floors.Priced from Rs 15 lakh and above, the project site is located in Chennai’s IT and Software hub. The value of Alta Vida is about Rs 200 crore for the total area of 6 lakh sqft. The Phase-1 in Alta Vida will be completed by December 2013.
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