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Chennai / The New Indian Express

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Lancor Holdings to work on three redevelopment projects in Chennai

CHENNAI: Tamil Nadus leading property developer Lancor Holdings Limited said that it is redeveloping three major projects within the Chennai city limits, which are Lancor Ananya on Warren Road, Mylapore, Lancor Residences in Alwarpet, and third at Kalakshetra Colony in Besant Nagar and also coming up with affordable housing in Sriperumbudur in Kancheepuram district. The project on Warren Road has been approved by the authorities, Alwarpet project is in an advanced with documents been submitted to the authorities concerned and the Kalakshetra Colony project is proposed stage. Speaking to TNIE, JM Chandrasekar, CEO of Lancor, during the launch of senior citizen apartments Lancor Harmonia Pavilion at Sriperumbudur, said, There are many more redevelopment projects we are taking up. But they are all at discussion state, so we dont want to disclose it any details about. Moreover, we are also building an affordable housing complex in Sriperumbudur. Speaking about upcoming projects, Chandrasekar said the company plans to expand into affordable housing once its current project is completed. We have a lot of land parcels available in Sriperumbudur. After finishing the ongoing project, we will start work on affordable housing there, he said. According to him, the government is extending support for such projects, with the Directorate of Town and Country Planning (DTCP) offering a subsidy of 90 per sq m outside city limits. We dont have to pay any premium if a project does not exceed normal FSI limits, he added. Lancor recently secured a major relief in a 15-year legal dispute with the Menon family over Menon Eternity, a prime commercial property in RA Puram that houses several leading IT companies. The dispute centred on the joint development agreement, under which Lancor was to receive 50% of the built-up area. In October, the Supreme Court, invoking Article 142, ruled in Lancors favour. Internal assessments peg the propertys current value at around Rs 190 crore. The company, which reported a net loss of Rs 2.52 crore in Q2 FY26, expects the Supreme Court ruling to significantly improve its financial position. We will be getting about Rs 1012 crore per annum after the judgment. We also have a few other projects to be rolled out over the next year. By the first quarter of FY27, we will report profits, said RV Shekar, Chairman and Managing Director of Lancor. He added that the company is set to pay Rs 10 crore to the opposite party within the next week. With this, our borrowing cost will come down to 810% from the earlier 2022%. For redevelopment projects, we have project-specific investments ranging from Rs 10 crore to Rs 50 crore, he said. Lancor also plans to retain a portion of apartment units in its redevelopment projects, which will be sold directly to customers.

29 Nov 2025 12:16 pm