Chennai's land prices costlier than London

With real estate prices turning unaffordable to the common man, a city-based firm has come out with the offer of much cheaper properties in London, Dubai and even New Zealand. Real estate promoters Ace International has put up for sale of 200 plots, some 20-25 kms off Central London and 12 kms from Heathrow airport. The 2,600-4000 sq ft plots cost Rs 15-20 lakh, half of what it costs in the Chennai suburbs. "This is perhaps for the first time that promoters are taking up the marketing of plots in some other country," V Santhanraman, Director of the firm, said. The firm has taken up marketing of the plots offered by some prominent developers in London, including UK Land Investments and Marc Properties. The firm, which has been into the marketing of hotels in countries like China, Malaysia and Singapore and that of buildings for educational and other purposes and plantations, was approached by the London developers, said Santhanraman. "The outside world has come to know about the buying capacity of Indians and the globalised economy has facilitated the free purchase and sale of land anywhere across the globe," he said. The firm also claims to help the customer in completing all government and legal formalities regarding the purchase, resale and construction of houses in the plots. Santhanaraman said his firm would offer site visits to the customer after collecting 20 per cent of the total cost of the plot as advance. The firm would arrange the visiting visa, accommodation and air ticket of the customer.