First Look-AKSHAYA Metropolis, Maraimalai Nagar

Metropolis is the 135th mega residential project by one of my favorite builder AKSHAYA HOMES. The project is coming up on 10.36 acres land in GST Road at Maraimalai Nagar and is strategically located along the business corridor in the south west of Chennai. Neighbor to Ford Factory and is in close proximity to Mahindra World City

This is a massive project by Akshaya with 420 apartments in total. But the builder seems to be targeting only rich customers only because out of 420 apartments, only 48 are two bed room (1395-1420 sq ft) and 372 three bed room apartments (1700+ sq ft) and the rest 16 being town villas (1900+ sq ft). With a price band starting from 46 Lakhs to 68 lakhs (2 to 3 bedroom) this is definitely out of reach of middle class buyers.

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Metropolis is feature rich with two tier Club House of approx 25000 sq ft with Theatre, Health Club, Spa, Business Centre, Board room / Conference/Meeting Rooms, Restaurant, Squash Court, Swimming Pool, Party Lawn. The Outdoor facilities include 4 acre central garden, Jogging/Cycling track, Lotus Pond, Zen garden, Children play area, Tennis / badminton court.

Likely to be compared to Estancia, which includes SEZ which is a added advantage which Metropolis does not have. A pure residential project targeting employees of Ford and pros working in Mahindra city. This project has just started and completion is by 2010. A pretty long wait if you are an investor.

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Before buying, check if builder has got all the required approvals. Buildings are mostly G+9 so it should be a problem.

Pros:
Akshaya Homes is reputed for quality construction, timely delivery.
The building views looks awesome and with Akshaya name to it, security and Peace of mind is guaranteed.

Cons:

    Huge apartment complex, maintenance problems and high maintenance cost (Approx Rs 2/ sq ft).
    Rent potential is bit less with only Mahindra city and Ford being the major employers in proximity.
    Just started and wait time is approximately 30 -36 months.

As said in my other articles, if you are an investor then i would first recommend you to look for projects with City rather than city outskirts. I am sure with 50 Lakhs you can easily buy a 3 bed room apartment even in up market area like velachery bye-pass road,perungudi, porur, ashok nagar where rental is high and demand is tremendous.

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