Chennai-based Lancor Holdings gets 6.5 acres on GST Road
Chennai- Lancor Holdings, Chennai based leading developer has announced that it has acquired 6.5-acres plot near Maraimalai Nagar on the GST Road for Rs 40 crore.
The company in a regulatory filing with stock exchanges disclosed the purchase of 100 percent equity shares of L&T Commercial Projects Pvt Ltd. However, the firm did not reveal any of the financial details involved in the deal.
Lancor announced that as a result of the deal, around 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.
R V Shekar, Managing Director, Lancor Holdings, alleged that the plan for land development is yet to be developed. Though it is considered to be a commercial space, the firm has plans to use at least one acre for residential purpose. The negotiations are going on from May 2011, he added.
Being located in the vicinity of SRM University, commercial establishments like Ford India and others, coupled with IT SEZ of Estancia and the presence of Vidya Mandir School, the land obtained by Lancor holds excellent potential for property development in that area.
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