23-09-09
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2009 Recent property sales in Chennai - Transaction updates
- ICICI Bank, as part of consolidation of its office space in the city and suburbs, had put up for sale 9-ground (21,665 sq ft) prime property with a built up space of 83, 772 sq ft on the busy Santhome High Road ( Marina beach road). Recently, the bank moved the operations in the building to Ambattur in North Chennai.
India Cements Ltd, is said to have grabbed the offer from the bank for Rs 63 Crore in line with its rapid expansion program.
This deal comes at a time when investors and developer enquiries for properties and vacant lands have started going up.
Developers are seeing more cash flows from increased residential sales and land-owners are quoting more realistic prices than before, which has encouraged developers to get back into land acquisition mode
- In April, one of the biggest property deals inked was the sale of the iconic Udhayam Theatre in Chennai. Its founding-member Paramasivam Pillai, sealed the deal for Rs 80 crore.
- In June 2009, PVP Ventures, a company promoted by serial entrepreneur Prasad V Potluri and listed on the national bourses, sold its 90- ground prime property at Vadapalani in the city to education group, SRM for Rs 140 crore.
- In July this year, a two-ground property, belonging to a trust of Murugappa group, in the upmarket Alwarpet, was auctioned for a sum of around Rs seven crore.
- Earlier this month, civil engineering firm NAPC bought 8.5 grounds on Guindy from Appaswamy Real Estates for Rs 16 crore.
- Few weeks ago, another major deal got inked between Appaswamy Real Estates and Rakindo Group. The two business entities have entered into a joint-development project that is to come up on 30-grounds in Kotturpuram for Rs 60 Crore and 80 grounds in Pallikarnai for Rs 40 Crore.
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