On offer in Chennai: Get new flats for old

TOI reports

CHENNAI: It’s commonplace to exchange old utensils, gold jewellery or cars for new. But ever heard of a builder coming up with an exchange offer 

that translates into: ‘You take my new flat; instead, I will buy your old one’? 

In what could well turn out to be a trendsetter, Chennai-based L&T Arun Excello Realty — a joint venture between an L&T subsidiary and a local real estate group — has offered an apartment exchange scheme exclusively to senior citizens. For them, the builder has reserved the ground and first floors of Estancia, an integrated township being promoted 18 km from the Chennai airport on the Madurai route. 

They have also tied up with international realty consultant Jones Lang LaSalle Meghraj (JLLM) to guide elderly customers through the nitty-gritty of the transaction, including evaluating the worth of their old apartments. It is also the first time in Chennai that senior-citizen-friendly flats are being launched within an integrated township. Two other builders had recently launched such apartments in the city. 

Detailing the concept, P Suresh, MD, L&T Arun Excello Realty, said, “Senior citizens quite often feel out of place in the din of city life. They would have put up with hardships for decades, for the sake of their children’s education. In retired life, instead of living alone, feeling insecure and coping with daily challenges in managing the household, we invite them to our gated community that provides a secure environment. They will not be neglected or left alone, but will form part of a community, including children. We also offer to organise even the housekeeping.”