Discuss the various aspects of real estate functioning in India. This forum is not meant for listing buying and selling advertisements, or for website promotions. If you are not registered, Click Here to become a privileged member.
Real Estate India - Indian Property Discussion Forum - No Buy, Sell or Rent Properties here Real Estate India

Go Back   Indian Real Estate Discussion Forum > Real Estate in Indian Cities > Hot Cities > Chennai
Home Latest Posts Register Members List Search Mark Forums Read

Reply
 
Thread Tools Search this Thread
Old 08-14-2007   #1
John
Senior Member
 
Join Date: Jan 2007
Posts: 123
Race for Chennai church land

Auction for a 9 acre plot on Chamier’s Road in Chennai’s central business district is likely to take real estate valuation in the southern markets to a new high.

As the deadline ended last week, big names including DLF, Unitech, Nitesh Estates along with Citigroup, HDFC Realty and Hiranandanis were in the fray putting in bids valued at over Rs 500-550 crore. The Chennai Archdiocese, which manages the property through a trust, is offering the land on a 66-year lease. The bids are likely to be opened this week. The land is for a 66-year lease and there is no specific renewal clause attached to the offer.

The land — with a little over 8 acres available for development — is located adjacent to Boat Club, the most sought after and premium location in the city. It is also the largest land parcel to be made available for commercial exploitation in the area. According to sectoral experts, the property has a huge catchment area for attracting business. The successful bidder can develop up to 1 million sqft of built-up space. Since the land is being offered on lease, it is likely to attract interest for commercial development like a hotel, high-end mall or serviced apartments.

It is believed that the bidding fray also includes tier-II players like Nidhi Estates, Arihant Foundation and Puravankara. The Chennai-based Arihant has joined Unitech in placing a bid. A prominent Singapore realty fund and a prominent hospitality major had also evinced interest in the project, but it could not be confirmed if they have put in bids. While the property is close to Park Sheraton & Towers, there is another hotel, Raintree, on a parallel stretch on St Mary’s Road, which is witnessing the development of a 2 lakh sqft IT Park by Lancor.

Promoting an IT Park on this Church property may not be ideal, given the presence of high-end residential units nearby, but it can also have a fair share of grade A commercial space. The last three prominent transaction in the Boat Club area included IDBI’s 43 grounds that fetched a whopping Rs 175 crore at Rs 17,000 per sq ft in February 2007. A few months earlier, TVS Family’s 23 grounds had fetched Rs 84.85 crore at Rs 15,371 per sqft and Rs 3.69 crore per ground. And in late 2005, a 11.66 ground property, which belonged to HSBC, was sold for Rs 14,833 per sqft.

News Source: Economic Times, 14 Aug'07
John is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Chennai real estate yeskrish Chennai 2 09-14-2007 01:16 PM
Reliance, Hiranandani, DLF in race for HUL’s Brookefields Tanuj Bangalore 0 07-31-2007 12:12 PM
Land Mafia Making Money on NRI Land Vasu Property Fraud & Disputes 1 06-29-2007 03:54 PM
Chennai developing beyond chengalpet new Chennai 0 04-01-2007 07:50 PM
Chennai Property Trends Rex Chennai 0 03-14-2007 12:09 PM



About Us | Terms and Conditions | Disclaimer | Home
Copyright © 2006-07, www.indianrealestateforum.com, All Rights Reserved.
Forum Software Powered by vBulletin Copyright © 2000-2007 Jelsoft Enterprises Limited