Metrozone @ Anna Nagar

Residential project with Mall, multiplex, hotels etc. located at Anna Nagar (off Jawaharlal Nehru road). Tennis courts, basket ball courts are a plus. Expected cost is Rs. 2500 Cr. Set in a area of 42 acres. 1700 apartments in 29 towers are planned.

2BR/3BR/4BR/Townhouses/Penthouses. Possession has been promised by October 2011 and construction is in progress.

ground + 16 floors
64 flats per building
basement car park
2 carpark space for 4 bedroom and above
there are also some service apartments

There are some legal issues which may delay the project.

1)    The land was originally with a Company Krishna Tiles, which tried to promote a project sometimes in 2000. For some reasons, then promoters did not get the CMDA approval and refunded the booking amount taken by them for the apartment booking, after 3-4 years.

2)    Ozone bought the land sometimes middle of this decade and managed to get the CMDA approval after about 3-4 years - I am told they had to spend heavily (bribes ?) to get the approvals. I am not fully familiar with all disputes surrounding the land, but could dig out the following info:

a) HR & CE claims ownership of at least some of the land - this was apparently gifted long back by the original owners to build a temple. Ozone salesperson told me that the land in dispute only effects Phase III of the project, which has not yet been launched. They claim to have won the case in Madras High court and an appeal by HRCE is pending in the Supreme Court.

b) One of the minority owners of Krishna Tiles (probably a family member of original owners) has filed a case claiming the land was sold without his consent. Ozone salesperson told me that this guy has only a 4% stake in Krishna Tiles and his consent is not required to sell the land.

c) About a year back, some people took out ads in newspapers claiming that the land belongs to them and cautioning public against booking in the project. I have no idea who these people were - but talk is that they belong to the family that owned Krishna Tiles. After this ad was taken out, new bookings stopped completely and the builder dropped the price from 6000 to 5300 to attract investors.

One good thing is that CMDA approval is in place now- I guess, subject to outcome of the case in Supreme court. Prospective buyers should do a detailed investigation into the above matters before buying. Otherwise, it seems a great project at an attractive price, despite proximity to Cooum

http://docs.google.com/leaf?id=0B0kfAImTou94M2I3ZTU2ZDktY2VjYy00NDMyLWI0YjMtZjg2NDhjNWUxMGFm&hl=en

Cost

Base price starts at 85 Lakhs (for 1555 sqft).

Soft launch cost (Apr 07) was Rs. 4500 per sqft. Went up to Rs. 6500. Now down to Rs. 5500 to 6000 per sqft.

Ambience

Site address is 44, Pillayar Koil Street (Jawaharlal Nehru road), Anna Nagar, Chennai – 40. Anna Nagar is a well sought after residential location.

Schools like SBOA, DAV are near this location. Hospitals like Sundaram Medical Foundation, Anna Hospital are very near as well.

Koyambedu bus terminus is very near as well. http://www.wikimapia.org/#lat=13.081161&lon=80.195088&z=17&l=0&m=a

Travel

With 100 ft road nearby and very good bus facility, travelling to work/shopping is very easy. Things become when Anna Nagar gets its METRO facility.

Company/Builder

Ozonegroup is a Bangalore based real-estate company which is promoting this in partnership with HDFC and Urban Infrastructure Opportunities fund (Anan Jain, a close associate of Mukesh Ambani). Not a well-known developer though.

Common Amenities

STP/Water treatment, security system, tennis and basket ball courts.

Interior

Granite for kitchen, paneled doors, wooden flooring in master bedroom, vitrified tiles. Wall tiling up to ceiling in bathrooms.

Hidden Costs

Approximately Rs 4600/- per month for the Maintenance for 1550 Sq ft home.

Do add your comments if you think project has hidden costs involved.

Penalty cost – 15 per sq ft every month as penalty

Engineering

RCC with seismic zone 3 compliance. RCC walls or concrete solid block walls.

Resale-ability/Rent-ability

Given the location I see great opportunity

My rating

A+ for peace lovers
A+ for action lovers
B- for bachelors (if you work in OMR, NH45 and it is heavy cost)
A+ for family (nearby school, crèche, hospitals, great shopping)
A+ for shopping freaks

A+ for party goer
A for aged (Place to walk, hospitals nearby, but heavy noise and traffic outside complex)
A- for investors (not sure of builders)

All this is in case the litigations go in favor or Ozonegroup.

Links

Master plan

Official Site

Location Map

NDTV property

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