Church Land In Chennai To Attract High Bids

August 14, 2007	(1 votes, average: 4 out of 5)  Loading ...
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South India property market may undergo a paradigm shift with an auction of a 9 acre plot on Chamier’s Road in the Chennai’s central business district. The site is wooing big realty players of national repute. The list includes the prominent names such as Hiranandanis, DLF, Unitech, Nitesh Builders. They all put in bids evaluated at over Rs 500-550 crore.

The Archdiocese of Chennai administers properties through a trust. The Authority is offering the land on a 66 years lease. In addition, there is no renewal clause attached to the land, which is primarily attracting the bids. However, the bids will be open this week.

The Authority informs to have received around 30 bids. Located adjacent to Boat Club, the land provides the development space of near about 8 acres.

Up to 1 million sq ft of built-up space can be developed on the land. Since the land is being proposed on rent basis, it is attracting large interests from hoteliers and developers, according to the industry watchers.

The land enjoys a strategic location. Along with being in close vicinity to Park Sheraton & Towers, it also near to a hotel Raintree located on a parallel stretch on St Mary’s Road, which is to see the development of a 2 lakh sq ft IT Park by Lancor.  However, there are mixed responses to the idea of setting up an IT park on Church property.

Boat Club is one of the most sought after location in Chennai. It has seen a number of transactions in the last couple of years.  The apt ones to mention about are IDBI’s 43 grounds that commanded Rs 175 crore at Rs 17,000 per sq ft in Februray 2007.  Then, a HSBC owned property fetched Rs 14,833 per sq ft. in 2005.

News Published Under:   Chennai |

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