"Baashyaam to Invest ₹420 Crore in Developing Crowne Plaza Commercial-Cum-Residential Property"

The renowned Crowne Plaza hotel has been completely demolished to make way for a new high-rise commercial-cum-residential development that aims to feature some of the most expensive apartments in the city. Baashyaam Developers Pvt Ltd has acquired the property and plans to invest ₹420 crore in the construction of the Baashyaam Crowne Plaza, according to sources.

The developer purchased the property for nearly ₹700 crore, located near the Boat Club, with unit prices expected to exceed ₹35,000 per square foot. The proposed development will consist of an extensive high-rise building featuring four basement floors, a ground floor that will include shops, a restaurant, a spa, and waiting lounges, as well as a residential structure spanning from the first to the 26th floor, comprising 148 dwelling units and a double-height clubhouse on the 10th floor.

The total plot area for the project is 17,835 square meters, with a total built-up area of 1,59,392.85 square meters. The 26th floor will feature two luxurious penthouses, each approximately 20,000 square feet, potentially priced at around ₹60 crore, making them some of the most sought-after properties in the city.

According to sources, upcoming high-end developments include Brigade’s Icon at Mount Road and Taj Residences (Ampa) in Aminjikarai.

A recent report by JLL, titled "A Transformational Journey: 25 Years of Chennai," highlights the dramatic transformation of the real estate landscape in Chennai over the past 25 years. The residential sector has seen significant growth, expanding from just 10,100 housing units in 1999 to 275,000 units by H1 2024—a remarkable 27-fold increase. This surge has also resulted in a substantial rise in property values, with current capital values ranging from ₹5,000 to ₹25,000 per square foot, compared to ₹850 to ₹2,500 per square foot in 1999.

Since 2021, there has been a noticeable increase in end-user demand for plotted development projects in the city's suburbs, driven by the implementation of the Real Estate Regulatory Authority (RERA), which has improved transparency, accountability, and project delivery timelines. Additionally, residential projects along metro rail corridors have been on the rise, with major infrastructure projects like the Kilambakkam Bus Terminus and Parandur added in 2024.

HBL