Chennai: Britannia plot bought by Sugal and Damini for Rs 172 crore
Bigwig biscuit maker Britannia has sold 8.6 acres of land in Padi, for Rs 172 crore. The land, for the sale of which Britannia had floated closed tenders last year, has been purchased by Chennai-based Sugal and Damani Foundation.
About the purchase of the property sold by Britannia, Sugal and Damini Foundation said: “It was through a competitive bidding that we picked up the property. The deal was concluded a week ago.”
The deal – which marks the biggest land transaction, in terms of value, in Chennai this year – raises hopes of a turnaround of the real estate sector in the city. Other than Sugal and Damani Foundation, investments in the mentioned property, sold by Britannia, have also been made by three other companies.
Unidentified sources familiar with the transaction have revealed that the Sugal and Damain Foundation and the other buyers of Britannia’s 8.6-acre land plan to convert the industrial land into residential-use property. They will apparently construct multi-storey apartments at the site.
With the deal for the Britannia land, and the proposal by the buyers to promote multi-storey apartments, sources from the realty industry said that apartment sales in Chennai have been showing signs of recovery in recent weeks; thereby triggering hopes of the resurgence of the realty sector in the near future.
Source- The Times of India
Atlantic Hotel, Britannia plot sold for Rs 172 crore, Jones Lang LaSalle, Shriram IT SEZ, Sugal and Damani Foundation, Tata Communications
