The Hindu : Tamil Nadu / Chennai News : Bidder snaps up 11 acres at Guindy for Rs. 297 crore

Online edition of India's National Newspaper
Thursday, Mar 08, 2007
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Tamil Nadu

Tamil Nadu - Chennai

Bidder snaps up 11 acres at Guindy for Rs. 297 crore

Staff Reporter

Deal sets new record for property sale in Chennai

CHENNAI : HTL has sold over 11 acres of land at Guindy for a record price of Rs 297 crore.

According to sources in the industry, the HTL property on GST road, which was put on the block through e-auction, was bagged by a real estate developer for Rs 27 crore an acre. International real estate consultancy firm, Jones Lang LaSalle, the exclusive marketer for the property, was the sale manager. The name of the buyer was not disclosed.

According to sources in the real estate business, the size of the deal sets a new record for a property sale in Chennai. The price works out to about Rs 6,198 a sq ft. For HTL, this is a 50 per cent increase over the price it got in 2005-06 when the National Highways Authority acquired 1.64 acres for Rs 29.06 crore - Rs 4,067 a sq ft.

Guindy, till recently an industrial centre, has in recent year emerged a centre for IT companies and commercial space.

Guindy Industrial Estate, adjacent to the property, a home to small-scale enterprises, is now know more for the IT space and commercial built-up space.

Location advantage

The advantage the location offers is that it is at the junction of Mount Road and Mount-Poonamallee Road. A real estate developer with a million square feet of developed space commands Rs 60 a sq ft as lease in the vicinity.

Subsidiary

HTL (formerly Hindustan Teleprinters Ltd), a subsidiary of Himachal Futuristic Communications Ltd, a telecommunications equipment manufacturer, is under the purview of the BIFR. Himachal Futuristic took a 74 per cent stake in 2001 when Government of India disinvested its holding.

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