Opened over three decades ago, Prarthana Drive-In cinema, which gave Chennai residents an open-air theatre experience, will be torn down and the space utilised for real estate development.
The 29-acre property on East Coast Road in Injambakkam, en route Mahabalipuram, has been acquired by Baashyaam Constructions and demolition work has already begun. Sources in the real estate sector said that the deal value was worth over ₹550 crore.
It is learnt that Baashyaam Constructions will come up with an ultra luxury project at this site. According to sources, the group will be constructing independent villas in the space, ranging between 10,000 sq. ft to 15,000 sq. ft. The construction work will begin in the next six months and the project will be completed in two years.
“At present, there is no land parcel of this size available on this stretch, making this deal unique. There are many international firms operating out of the OMR belt who can be potential buyers of this property. Also, this property is close to Casuarina Drive, which houses several high-net-worth individuals, businessmen and people from the film fraternity,” a real estate consultant said.
“Today it is difficult to get independent houses within the city and ECR is emerging as a prominent locality for such houses,” he said and added that one ground costs ₹3.5 crore here.
The Prarthana Beach Drive-In cinema has not been operational for quite sometime now. This theatre was opened in 1991 and the screen at the drive-in was made of concrete measuring 100 feet by 60 feet.
One more project
Baashyaam Constructions has also taken over Srinivasa Cinema in West Mambalam, where a major portion of the film Amarkalam starring Ajith Kumar was shot. The exact value of the deal could not be ascertained but it is learnt that an apartment will come up at the site.
Baashyaam will commence work on this project soon. This will be an 18-floor apartment with around 75-80 units. Each unit will be spread across 2,000-3,000 sq. ft.
Many luxury projects have come up in and around Chennai in the last two years and developers say there is a huge demand in this segment. When it comes to luxury homes, buyers are willing to spend anywhere between ₹7 crore and ₹20 crore.
There are luxury projects in Chennai which are above the ₹25 crore to ₹35 crore price band.
