When one thinks of investing in real estate, housing is the first thing that comes to mind. With ‘Primus’, an IT complex by Southern India’s leading developer, Puravankara, aims to bring an appeal to investing in commercial real estate that promises excellent returns in the fast upcoming area that is the Old Mahabalipuram Road.
With the boom that has been witnessed in the IT/ ITeS industry, and the emergence of the Old Mahabalipuram Road (OMR) as an important IT corridor, a huge job market has been created. The value of office space has increased considerably after the opening of the SIPCOT IT Park, along with the many other IT parks along the OMR. While there is an abundance of office space, these are often too expensive for every company or property investor to afford. By giving an opportunity to invest in smaller office spaces, that are professionally managed and leased out, Puravankara has created a win-win situation, both for the owners and tenants.
Purva Primus is well located on the IT corridor, closer to the city than bigger IT Parks like the SIPCOT IT Park. Its location provides a definite advantage for investors and employees alike. The presence of the all major IT companies along the OMR also makes it easier for business transactions and meetings to be held seamlessly.
Purva Primus is a single tower with 2 basements, and rising 13 floors. The saleable area varies from floor to floor, with a three sided view of the lake next door. The building has a floor plate area of 14,000 square feet with borewell water supply. There is 100% generator backup provided, along with a sprinkler system for fire safety. The structural glazing ensures that UV rays do not enter the building and provides a noise-free, calm working environment for the employees.
Landscaping & Planning
In Primus, emphasis has been placed on lifestyles of its occupants. Being an office space, Purva has taken into account the lives of the employees who will spend a good part of the day working here, providing several amenities around the site. The terraces on intermediate levels provide views of manicured gardens and specific O2 zones, designed to provide a bit of calm whenever one need it. The location of the complex next to the lake provides a stable, calming backdrop to the office spaces within. A mini-snack bar provides a place to grab a bite at the workplace, and interact with colleagues in a more informal environment.
Traditional investments include houses, gold, stocks, etc, but Puravankara opens up office space as a whole new area of investment. The IT/ITeS industry occupies around 56% of the office space in the city. Being the IT hub of Chennai, the OMR is an ideal location for this office space. Undivided shares on offer start at 350 square feet (without parking) for Rs. 28 lakhs, and 1400 square feet (with parking) for Rs. 1.13 crores.
Puravankara is offering professional leasing services for the investors and already employers have started to operate from here. Puravankara thereby provides convenience and assurance to smaller investors owning offices spaces. Property is being managed by Knight Frank, a globally renowned facility manager. The IT companies that want to lease the space approach Puravankara and the rent is passed to the investors. Office spaces provide much higher rental incomes, and are much steadier in comparison to returns in housing segment. This fact, along with the reasonable prices that Puravankara is offering, makes Primus a wise investment. With 6 companies already working out of the building, more are expected to start in the near future.