Lancor buys property on GST Rd for 40cr
Rajesh Chandramouli TNN
Chennai: Property developer Lancor Holdings has acquired a 6.5-acre plot near Maraimalai Nagar on the GST Road for Rs 40 crore,or Rs 6.15 crore per acre.
Lancor,in a regulatory filing with stock exchanges,said,The company has concluded the purchase of 100% equity shares of L&T Commercial Projects Private Limited.As a result of this acquisition,approximately 6.5 acres of prime land on GST Road has become available for development into Residential and Commercial projects with good potential to earn profits.
We have not decided to the end matrix of land development.Wewanttodevelop at least one acre for residential and some commercial space.The land is classified as commercial one.Negotiations with L&T started in May last year and was concluded on Tuesday, Lancor managing director R V Shekhar said.I do not wish to comment on the acquisition cost.We have bought the company and therefore the land which was in the companys books.
The eco-system of having a university (SRM University ),commercial establishmentslikeFordI ndia andothers,coupled with IT SEZ of Estancia and the presence of Vidya Mandir School,brings additional strengths for property development in that area.
Rajesh Chandramouli TNN
Chennai: Property developer Lancor Holdings has acquired a 6.5-acre plot near Maraimalai Nagar on the GST Road for Rs 40 crore,or Rs 6.15 crore per acre.
Lancor,in a regulatory filing with stock exchanges,said,The company has concluded the purchase of 100% equity shares of L&T Commercial Projects Private Limited.As a result of this acquisition,approximately 6.5 acres of prime land on GST Road has become available for development into Residential and Commercial projects with good potential to earn profits.
We have not decided to the end matrix of land development.Wewanttodevelop at least one acre for residential and some commercial space.The land is classified as commercial one.Negotiations with L&T started in May last year and was concluded on Tuesday, Lancor managing director R V Shekhar said.I do not wish to comment on the acquisition cost.We have bought the company and therefore the land which was in the companys books.
The eco-system of having a university (SRM University ),commercial establishmentslikeFordI ndia andothers,coupled with IT SEZ of Estancia and the presence of Vidya Mandir School,brings additional strengths for property development in that area.
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