Chennai to witness largest residential land deal
03 Jan 2007
Chennai is set to witness its biggest residential land deal ever. IDBI Bank has put land on the block in Chennai's most premium location, Boat Club Road, which CNBC-TV18 reports could fetch the bank over Rs150 crore.
Chennai's property market is buzzing with news of big-ticket deals. Close on the heels of news that Chennai-based HTL is looking to sell its 11-acre land in Guindy, IDBI Bank is selling its 2.38-acre plot on the Boat Club Road.
The land has an FSI of 1.5 and sources say, it is probably the last large chunk of available land on Boat Club Road. Sources say bidders could pay upwards of Rs14,000 per square foot for the chunk of land that currently houses two guesthouses of the State-owned bank.
Boat Club Road is the most coveted residential address in the city and consultants say, the sale will attract an overwhelming response from developers and individuals looking to build high-end luxury housing.
The sale is expected to take place in February through an e-auction. IDBI Bank has appointed Jones Lang Lasalle as the consultant to the deal.