Group puts Chennai property for sale
The auto components manufacturing conglomerate, Rane group, has appointed the international property consultants Jones Lang LaSalle (JLL) India as its advisor for the transactions.
As per the press release the property on the 100 ft road is very well located for residential development. The built up residential space in the vicinity can fetch around Rs. 14,000 per sq ft and there is a good demand for housing as the locality is connected to the city and also connected the IT corridor and the GST Road.
Ms. Sarita Hunt, Managing Director, JLL-Chennai, mentioned that JLL will announce bids for the property. The group had 6.5 acres in this location and sold 2 acres in 2007, the place where the Westin hotel is now built up.
Ms. Hunt also added going by reasonable estimates of Rs. 12,000 per sq ft in Velachery, the estimated value of the property is about Rs 183 crore. The bids for property are expected to jump much higher, making it a milestone transaction.
Source: The Business Line
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