Adding to the area’s appeal is the redevelopment of the landmark Crowne Plaza hotel property | Photo Credit: Bijoy Ghosh
Chennai’s premium Boat Club neighbourhood, among the most expensive residential addresses in Chennai, has seen land prices spiralling more in the past three years amid acute scarcity of available plots and rising demand from ultra-high-net-worth buyers.
According to market sources, the latest benchmark transaction in the locality is the acquisition of a residential property by Freshworks founder and executive chairman Girish Mathrubootham for ₹211 crore. The deal is estimated to value land in the area at around ₹27 crore per ground, including the building, compared with about ₹13 crore per ground three years ago.
Sources said previous transactions in the locality were in the range of ₹15 crore per ground. The sharp increase in prices is being driven by the limited availability of land parcels in the prestigious neighbourhood and the desire among wealthy buyers to secure a presence in one of Chennai’s most exclusive residential enclaves.
The purchase places Mathrubootham among an elite group of Boat Club residents that includes Lok Sabha MP Dayanidhi Maran, Sun TV Network chairman Kalanithi Maran, and industrialists N Srinivasan and Venu Srinivasan.
Real estate experts said Boat Club continues to attract leading industrialists, entrepreneurs and business families despite record-high valuations, reinforcing its position as Chennai’s most sought-after luxury residential market.
Adding to the area’s appeal is the redevelopment of the landmark Crowne Plaza hotel property. Sources said Baashyaam Developers Pvt Ltd is converting the site into a high-end residential project, with apartments expected to be priced at more than ₹35,000 per sq ft. The project’s proximity to Boat Club is also seen as a factor supporting the sharp appreciation in land values in the neighbourhood.
With very few large land parcels available and demand from affluent buyers remaining strong, property consultants expect Boat Club to retain its status as Chennai’s premier luxury housing destination.
Published on June 24, 2026
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