Baashyaam Constructions will be developing a uber luxury project in the space where hotel Crowne Plaza Chennai Adyar Park stands now. This is a 4.5-acre property close to the Boat Club which is one of the most expensive pin codes in Chennai and home to several industrialists. “We are thrilled to embark on this collaboration with the hospitality group where craftsmanship meets hospitality,” Abinesh Yuvaraj, director, Baashyaam constructions said.
Manish Goyal, Joint Managing Director of Adyar Gate Hotels Limited said that the deal involved a ‘Transfer of Undertaking’. “We are extremely excited about the new development and look forward to creating a new legacy of luxury. There were offers from others but we felt that nobody else could do justice to the property and that’s why we gave it to Baashyaam,” he added.
Mr.Goyal also said that Dakshin, a popular restaurant inside the hotel will continue to operate. “Dakshin was started in 1989. It was the brain child of Prema Srinivasan (mother of industrialists Venu Srinivasan and Gopal Srinivasan), who was part of our board then,” he added.
“Dakshin is a legacy and we will operate it,” Mr.Yuvaraj chipped in. Currently, Dakshin specialises in the cuisines of Andhra Pradesh, Karnataka, Kerala, Puducherry, Tamil Nadu, and Telangana. On Tuesday, November 21, when the hotel sent out a message to its guests announcing the closure of its doors to guest arrivals many took to social media and said that they would be missing Dakshin.
The developers are yet to decide on the pricing, other financial aspects and on when to commence the project. But according to market reports, the current ongoing price per square feet in neighbouring locations like Boat Club is anywhere between ₹40,000 to ₹45,000. The demand for high-end luxury projects in Chennai is increasing, real estate watchers have said. The city saw luxury housing sales rise by 143% in the first nine months of 2023, according to data collated by ANAROCK Research recently. During the first nine months of 2023, 3,330 luxury units were sold across Chennai.
