Tata sells its 1.43 acre Chennai property to VGN Developers
Chennai – Tata Communications has sold its 1.43-acre property in Chennai to the city based VGN Developers. It is one of the biggest land transactions outside the premium Boat Club and Poes Garden localities.
The land was sold at Rs 195 crore or 7.50 crore per ground (one ground is 2,400 sq ft). This property is located on Nungambakkam High Road which consists of apartment blocks for Tata Communications’ employees. According to the sources, Tata picked up VGN developers via a bid of about Rs 31,250 a sq ft for the property.
International property consultants, Jones Lang LaSalle conducted an e-auction for this deal. As per the conditions of the transaction, the deal is likely to be registered by this weekend. Thus the final cost of this land including registration and other statutory charges will be around Rs 8.2 crore per ground.
VGN developers is planning to develop a residential project on that land. Apart form VGN, three other leading Chennai-based developers were shortlisted from a list of dozen of developers. These three builders are Ceebros, Arihant and Jain Housing. The difference between the winning bid and second highest bidding was less than Rs 5 crore.
VGN Developer is one of the renowned real estate developers in Chennai. They established their residential layout promotion in the year 1942 and started its infrastructure division in 2009. They have launched many residential projects in Chennai like VGN Stafford, VGN Southern Avenue etc. Brixton is one of the famous projects of this group. They also owns large tracts of land across suburban Chennai.
The real estate market of Chennai witnessed such overheated transactions. One of them is Amalgamations group firm TAFE bought a six-ground plot on Kothari Road in Nungambakkam last August at 6.71 crore per ground.
Moreover there are few land transactions worth another 1,000 crore coming up in next few months. Few of them in final stages are an 18-ground property adjacent to Sri Lankan deputy high commission on Sterling Road, a 56-ground property owned by NRI businessman C Sivasankaran off Cenotaph Road and Hotel Atlantic spread across 30 grounds on Montieth Road in Egmore.
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