56-ground plot in city centre on the block for 340 crore
Rajesh Chandramouli TNN
Chennai: NRI businessman C Sivasankaran has put on the block a 56-ground plot off Cenotaph Road in south Chennai for 340 crore.At this price,the valuation works out to roughly 6 crore a ground (1 ground equals 2,400sqft).
After a couple of aborted attempts to sell the land,Sivasankaran,sources said,was close to signing a deal.We are talking to several buyers.We are close to finalizing it,but in such deals nothing can be said unless you get the money, officials at Siva Ventures said.
Market sources said Chennai-based Khivraj,Landmark Constructions,Jain Housing,Arihant and another Bangalore-based developer were interested in the property,located opposite the Japanese consulate and DMK leader M K Stalins residence.
The difference between the offer price and the asking price is not much.We can expect the deal this time, sources said,adding that the buyer had to get some financial support from private equity investors or real estate focussed fund houses.
Rajesh Chandramouli TNN
Chennai: NRI businessman C Sivasankaran has put on the block a 56-ground plot off Cenotaph Road in south Chennai for 340 crore.At this price,the valuation works out to roughly 6 crore a ground (1 ground equals 2,400sqft).
After a couple of aborted attempts to sell the land,Sivasankaran,sources said,was close to signing a deal.We are talking to several buyers.We are close to finalizing it,but in such deals nothing can be said unless you get the money, officials at Siva Ventures said.
Market sources said Chennai-based Khivraj,Landmark Constructions,Jain Housing,Arihant and another Bangalore-based developer were interested in the property,located opposite the Japanese consulate and DMK leader M K Stalins residence.
The difference between the offer price and the asking price is not much.We can expect the deal this time, sources said,adding that the buyer had to get some financial support from private equity investors or real estate focussed fund houses.
Siva sells assets bought from B&C
The landing cost for the FSI (floor space index),will be nearly Rs17,000 per sqft,at the estimated sale price of Rs 340 crore.This may result in the buyer quoting an unprecedented price of upwards of Rs 25,000 per sqft for apartments promoted there.
Chennai is witnessing some large real estate transactions.Tafe groups purchase of land at nearly Rs 6.4 crore per ground in Nungambakkam set a new benchmark for that locality,while Tablets India picked up L&Ts regional headquarters land on Club House road for nearly Rs 4.6 crore per ground.
Sivasankaran had acquired the property off Cenotaph Road in early 2006 for nearly Rs 120 crore from Best & Crompton Engineering.Beacon House came to the fold of UB chairman Vijay Mallya after he acquired Best & Crompton.Later,when B&C was acquired by Indonesia's Polysindo Texmaco group,it decided to sell the property.Since Sivasankaran had picked up stake in B&C,it helped him to clinch the deal.TNN
The landing cost for the FSI (floor space index),will be nearly Rs17,000 per sqft,at the estimated sale price of Rs 340 crore.This may result in the buyer quoting an unprecedented price of upwards of Rs 25,000 per sqft for apartments promoted there.
Chennai is witnessing some large real estate transactions.Tafe groups purchase of land at nearly Rs 6.4 crore per ground in Nungambakkam set a new benchmark for that locality,while Tablets India picked up L&Ts regional headquarters land on Club House road for nearly Rs 4.6 crore per ground.
Sivasankaran had acquired the property off Cenotaph Road in early 2006 for nearly Rs 120 crore from Best & Crompton Engineering.Beacon House came to the fold of UB chairman Vijay Mallya after he acquired Best & Crompton.Later,when B&C was acquired by Indonesia's Polysindo Texmaco group,it decided to sell the property.Since Sivasankaran had picked up stake in B&C,it helped him to clinch the deal.TNN
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