Growing expat community favour cluster accomodation
, ET Bureau|
Jan 15, 2009, 04.05 PM IST
CHENNAI: The expat population in Chennai has surged significantly in the last decade, standing at well over 35,000 now. With MNCs involved in long-gestation projects, focus is shifting from physical infrastructure to social infrastructure.
When Hyundai hoisted its flag in the Sriperumbadur industrial corridor in the mid-nineties, the Korean community too swelled in the metro. So much so that the Kilpauk area of the city was identified as ���little Korea.���
Likewise, decades ago, the idea of building a ���little Japan��� took a backseat for procedural and bureaucratic reasons. However, this has not stopped Japanese MNCs from looking at newer models to accommodate their employees. They found emerging corridors such as Old Mahabalipuram Road (OMR) and East Coast Road (ECR) ideal for their lifestyle. These locations saw newer residential formats with realtors striking unique deals to cater to expats.
Under the contract between Nissan and Plaza Realty, for example, 60 apartments (30 villas and 30 apartments) of Green Acres in Perungudi, a 239-apartment-cum-villa complex, were taken on a 2.5 year lease agreement.
Says the Rs 120-crore realty company���s marketing head S Srivatsan: "It took four months to formalise the deed. Some of the owners later engaged us as lease managers. Nissan is the lessor."
The leased accommodation is furnished in all respects. It is almost a plug-and-live experience for the expat community, which also has access to a 3,000-sq ft-centralised Japanese kitchen within the complex. Rentals for an apartment (1,500 sq ft) is Rs 45,000 per month whereas it is Rs 75,000 for a villa (2,000 sq ft).
Plaza is now planning to replicate the model in Sholinganallur, counting on the Ashok Leyland-Nissan venture in TN which is expected to gain momentum soon. "We have 9.5 acres and our idea is to just cater to a niche segment. We propose to have 80 to 100 villas and the price points would be in the Rs 90,000 to Rs 1.40 lakh bracket," Mr Srivatsan told ET.
On ECR, Japanese bearings major NSK has housed ten employees in an upmarket residential complex, where monthly rentals rule at Rs 40,000. The Japanese population of 130 in the city has been steadily rising especially in south Chennai, said a company official. Once the Nissan project takes off in full swing, the figure is expected to touch 200.
The state government has been trying to accelerate the process of forming country clusters for about six months now. Says a senior bureaucrat: "Since the government is working on the infrastructure, companies are willing to come in. Authorities are according top priority to social overheads like schools and housing for expats. A 1,000-acre area can be divided into four clusters, where the common infrastructure such as schooling and housing can be tailored to suit the expat community. Sooner or later, it will happen."
Six countries ��� Japan, Taiwan, Finland, Korea, France and Germany ��� have made sizeable investments in the state, which now has global brands such as BMW, Dell, Ford, Hyundai, Nokia, Renault-Nissan and Samsung.
The first three countries have been pushing for cluster accommodation for some time now. A policy note of 2007 has also clearly spelt out promotional efforts to bring in country-specific clusters. The city has 40 consulates.
When Hyundai hoisted its flag in the Sriperumbadur industrial corridor in the mid-nineties, the Korean community too swelled in the metro. So much so that the Kilpauk area of the city was identified as ���little Korea.���
Likewise, decades ago, the idea of building a ���little Japan��� took a backseat for procedural and bureaucratic reasons. However, this has not stopped Japanese MNCs from looking at newer models to accommodate their employees. They found emerging corridors such as Old Mahabalipuram Road (OMR) and East Coast Road (ECR) ideal for their lifestyle. These locations saw newer residential formats with realtors striking unique deals to cater to expats.
Under the contract between Nissan and Plaza Realty, for example, 60 apartments (30 villas and 30 apartments) of Green Acres in Perungudi, a 239-apartment-cum-villa complex, were taken on a 2.5 year lease agreement.
Says the Rs 120-crore realty company���s marketing head S Srivatsan: "It took four months to formalise the deed. Some of the owners later engaged us as lease managers. Nissan is the lessor."
The leased accommodation is furnished in all respects. It is almost a plug-and-live experience for the expat community, which also has access to a 3,000-sq ft-centralised Japanese kitchen within the complex. Rentals for an apartment (1,500 sq ft) is Rs 45,000 per month whereas it is Rs 75,000 for a villa (2,000 sq ft).
Plaza is now planning to replicate the model in Sholinganallur, counting on the Ashok Leyland-Nissan venture in TN which is expected to gain momentum soon. "We have 9.5 acres and our idea is to just cater to a niche segment. We propose to have 80 to 100 villas and the price points would be in the Rs 90,000 to Rs 1.40 lakh bracket," Mr Srivatsan told ET.
On ECR, Japanese bearings major NSK has housed ten employees in an upmarket residential complex, where monthly rentals rule at Rs 40,000. The Japanese population of 130 in the city has been steadily rising especially in south Chennai, said a company official. Once the Nissan project takes off in full swing, the figure is expected to touch 200.
The state government has been trying to accelerate the process of forming country clusters for about six months now. Says a senior bureaucrat: "Since the government is working on the infrastructure, companies are willing to come in. Authorities are according top priority to social overheads like schools and housing for expats. A 1,000-acre area can be divided into four clusters, where the common infrastructure such as schooling and housing can be tailored to suit the expat community. Sooner or later, it will happen."
Six countries ��� Japan, Taiwan, Finland, Korea, France and Germany ��� have made sizeable investments in the state, which now has global brands such as BMW, Dell, Ford, Hyundai, Nokia, Renault-Nissan and Samsung.
The first three countries have been pushing for cluster accommodation for some time now. A policy note of 2007 has also clearly spelt out promotional efforts to bring in country-specific clusters. The city has 40 consulates.
