Realtor sells 262 housing units within 48 hours in Chennai

December 15th, 2008 - 10:41 pm ICT by IANS  

Chennai, Dec 15 (IANS) Despite slowdown in real estate sector, Alliance Group, a private real estate firm, sold 262 housing units within 48 hours of the launch of its premium housing colony in the northwest suburbs here, company officials said Monday.”We attracted a few thousand customers of whom 262 turned buyers, creating a sort of history. A combination of three factors - price, location and product’s quality - is the reason for this success,” the company’s chairman and managing director Manoj Namburu told IANS.

While it refused to divulge the banked inflow from down payment details, a spokesman said the amount collected from buyersit was in tens of millions of rupees.

The company admitted that the success was due to its hefty 45 percent discount to ‘early bird’ buyers.

Named ‘Orchid Springs’, the premier housing colony has 2,000 housing units, whose carpet areas range from a simple 500 square feet one-bed studio flat to 1,920 square feet penthouses whose prices were between Rs.1.7 million and Rs.5.75 million, a press statement said.

Located at a distance of 10 km from the city centre in its northwest suburbs, the colony has all modern amenities, including a gym, club, multiplex, swimming pool and a 100-room business hotel. It is within the easy reach of a railhead and top hospitals, the statement added.

Besides another major project in Chennai’s southern outskirts, the company is promoting projects in Bangalore, Hyderabad and other south Indian cities, according to its website.

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