Press Release

Doshi Risington has been chosen as one of the best projects to buy in OMR on The Property Show – NDTV Profit. Watch the full video below.

Chennai’s developers have been trying out various out-of-the-box ideas to increase their revenues — from focussing more on warehousing to renting out unsold apartments.

But the city’s builders are now resorting to perhaps their last option: heavy discounts. CNBC-TV18’s Jude Sannith reports that the city’s well-known player Doshi Housing recently stunned competitors by launching a project at 25 percent below prevailing market rates.

The developer launched phase one of the Risington project: 496 apartments in all with a special discounted price of Rs 4,850 per square foot, but only for early birds. This price, that is 25 percent below the market rate of Rs 6500 per square foot, is only for the first 100 bookings.

The project is based on Old Mahabalipuram Road, or OMR as it’s more popularly called. and it is one of Chennai’s emerging realty corridors.

“There was an apprehension in people’s minds that ‘If I delay my purchase, I would get a better price’. So, we tackled that by offering an investment protection guarantee,” says Doshi Housing director Mehul Doshi. “What we said is: ‘This is the lowest price you can get, and if there is anybody who launches a product which is lower than this price tomorrow, we will refund the difference to you’.

” Downsizing the carpet area of apartments — or what Doshi housing calls smart sizing — is the other strategy the builder is relying on to lure buyers. Restricting the apartment size to less than a 1000 square feet has enabled Doshi to keep the final price between Rs 30 and 50 lakh.

Developers have been struggling to hit double digits in the number of apartments being sold per month. The fact that Doshi Housing, on the other hand, has managed to sell close to 50 units in just three days – at competitive prices – is proof that their formula is indeed working.

Other builders are following suit and drawing plans to launch smaller and cheaper properties with basic amenities and nothing over the top.

Says Kanchana Krishnan, Director – Chennai, Knight Frank India, “Chennai is an end-user-driven market. It might sound like a cliché, but 85 percent of demand here comes from end-users, which means there is an inherent demand in the system, which we need to capitalize on.”

“The moment you launch a product between Rs 3,000 to Rs 5,000, which is the flavour of the season, you create a robust demand within the system and then you can boost sales.

” The over-supplied stretch of OMR alone is home to nearly 65 percent of the city’s new projects, with an average inventory overhang period of 28 months.

To help shore up sales we’ve already seen builders offer various schemes like free car-parking, and the waiver of extra charges for higher floors.

But experts are convinced nothing will bring back buyers except for aggressive pricing.

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Doshi Housing Pvt. Ltd., one of Chennai’s most trusted and reputed builders are launching its latest project – Risington at Karappakkam in Central OMR. The project located just 15 minutes from Adyar and 2 km before Sholinganallur Junction is spread over 11.5 acres of land and will consist of 496 apartments in Phase 1.

Risington is an IGBC certified Green building and will be a landmark on OMR. With every possible amenity to make living here most enjoyable and comfortable, this latest venture of Doshi is going to transform the face of OMR, said Mr. Mehul Doshi, Director, Doshi Housing at a media conference called to announce this project.

“We have always been very conscious about our clients’ trust and satisfaction. Our 35 years of experience will be utilized in full for this new venture. We have constructed over 3.5 million square feet of residential space so far, where around 3000 satisfied families live happily. We are trying to ensure that the same integrity, values, transparency and quality goes into this project and we are confident our customers will respond very enthusiastically.”

Risington will have 3 towers of 19 floors each and one tower of 13 floors in Phase 1. The project will have 1,2& 3BHK homes ranging from 538 to 1599 sq. ft. Limited edition exclusive Duplex apartments and Penthouses are also available on the top floors. With over 50 world class amenities and attractive pricing it is bound to make a very good impact on the prospective buyer. We are launching the first phase of Risington today and the launch price is Rs.4850 per sq ft. This is a limited period offer and is valid for the first 100 bookings only.

One of the most noteworthy factors would be the serene environment of the location of Risington. Located on the main OMR, a 300 feet private passage will ensure that the residents are in the thick of action yet insulated from it. And behind the property is the 790 acre Pallikarnai reserve Forest giving the residents an atmosphere like no other. A 25,000 Sqft club house with 83% open space is going to be a most welcome and environment-friendly aspect for those who value nature and healthy living. The location is central and is in close proximity to the 377 acre ELCOT IT SEZ and other major companies, top class hospitals and colleges. With the Government taking measures to improve the infrastructure on OMR with transport, water and drainage schemes under implementation, Risington is bound to rise over others on OMR.

However the single most significant fact is that the company plans to give for the launch bookings an Investment Protection Guarantee wherein,
we are protecting the investment made by the customer from any fall in price. This guarantee implies, that if there is a similar project launched in Karapakkam, OMR at a lower price we shall refund the difference between the price at which the customer has booked with us and the lower price offered by any other builder for similar size projects, added Mehul Doshi.