TVS Emerald Sets New Milestone with Rs 438 Cr Sales on Launch Day in Chennai
By Team Newsable | First Published Jul 24, 2023, 2:37 PM ISTTVS Emerald's new project 'Elements', located in Kovilambakkam, Chennai, sold a record-setting 448 homes on its launch day.
The real estate arm of TVS Group, TVS Emerald, has recorded sales worth Rs 438 crore on the launch day of its new project TVS Emerald Elements in Chennai. This is the biggest launch sales milestone in the last decade in the city.
The project, located in Kovilambakkam, sold 448 homes. The previous highs during the last ten years stood at Rs 222.6 crore, by Casagrand Magestica in May 2023, and Rs 195.13 crore for The Peak by Baashyaam Constructions last April.
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According to a report by Knight Frank India, the residential market in Chennai has seen a three per cent growth in sales compared to the same time last year. The city saw a sales of 7,150 housing units during the first six months compared to 6,951 housing units sold during the same period in 2022. This is at a time when sales in cities like Mumbai, Bengaluru, Pune and Ahmedabad declined by eight per cent, two per cent, one per cent and three per cent, respectively.
We are delighted to have achieved this significant sales milestone with our 'Elements' project. Our sincere gratitude goes out to our customers, who have placed their trust in our brand and acknowledged our dedication to providing exceptional value and service," said Sriram Iyer, Director and CEO of TVS Emerald. He added, "This achievement reinforces the confidence that homebuyers have in us. In the post-pandemic era, people are seeking homes that can enhance their everyday living experiences, and we have consistently met this demand. We have planned more launches in Chennai and Bangalore within this financial year."
Spanning approximately 6.56 acres, the residential community of TVS Emerald Elements is located on the 200 ft Radial Road in Kovilambakkam. It offers a total of 820 homes spread over a saleable area of 996,000 square feet. The project consists of two- and three-bedroom flats ranging from 934 sq ft to 1,653 sq ft, with prices starting at Rs 68.99 lakh.
While Chennai achieved record-breaking sales, its residential market volume still remains relatively low compared to other cities in the country. According to the Knight Frank report, Mumbai recorded the highest number of sales with 40,798 home units, accounting for 26 percent of the total sales in the top eight markets during the first six months. This was followed by the National Capital Region (30,114), Bengaluru (26,247), Pune (21,670), Hyderabad (15,355), and Ahmedabad (7,982). Kolkata was the only city with lower volume sales than Chennai, with 7,324 units.
The TVS Emerald Elements project boasts five themed terraces and a central podium spreading across 35,000 sq ft. The amenities include a tree house, a butterfly garden, a swimming pool, an outdoor gym, and a zen garden. Additionally, the project offers a 9,000 sq ft clubhouse with amenities such as a yoga deck, a multipurpose hall, a games room, and a coworking space.
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