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Reality Check

Reality check

Chennai’s real estate market has seen it ups and downs. The floods had taken a toll on the reality sector leaving the supply being more than the demand. The collapse of a high rise building at Moulivakkam, made it more difficult to get approval from CMDA. Added to these are increases in cost of construction. Caught amidst all this are several projects of Marg Properties, wholly owned and subsidiary of MARG Ltd. Around 4000 customers are yet to receive their apartments that were promised delivery by 2013. Such is the case with many other construction companies being chocked and not able to meet promises made. With this at one end, the ever bustling activity seems to continue. Chennai will soon have the tallest residential tower of South India. The 161 metre high building with 245 apartments will be constructed by  the in House of Hiranandani. named ‘Anchorage,’ the project will cost Rs 375 crore and is expected to be completed in 60 months. 

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