Chennai: Bengaluru-based Prestige Group is ready to buy a plot of land stretching land from Anna Salai to White’s Road to ₹ 550 Crore to ₹ 600 Crore from Sundaram Motors from TVS groups.
The mixture of retail rooms and commercial office space tends to come to the 89-ground plot on the road that connects Anna Salai to White’s Road, according to sources close to development.
Other developers from Bengaluru include brigades, Purvankara and Embassies are in the race, but lose to prestige in agreement on all money, the source said.
It will take at least 18-24 months to destroy the land to develop SQFT 214 lakh plots.
“This is a large package and it will take time for the legal details to be done,” said the source.
Sundaram Motors plans to sell or develop some of the main land packages they have across Tamil Nadu, said real estate.
These include large plots near Poonamallee, and premium properties in Madurai and Trichy.
“This is a speculative development and we do not want to comment.
We also do not imagine installing for sale other land parcels,” said an Insider TV Group, who did not want to be named.
But industrial sources stated that a group of South developers had shown interest in Poonamallee land packages and other properties of the company.
“These developers have deep bags because they are supported by some large multinational funds,” the source said.
From late MNC funds such as Blackstone have taken assets worth more than ₹ 7,000 Crore from the Prestige Group.
Like Anna Salai’s agreement, the other will also be an “all cash” offer, the source added.