Property developer Baashyaam Constructions is in talks with Standard Chartered Bank to buy a 4.6-acre plot in Chennai in a deal estimated at about ₹800 crore. “The land originally belonged to ANZ Grindlays Bank and was part of the takeover by Standard Chartered, with backend support being operated from there. It also has 500,000 sq ft of built area in the Nungambakkam area,” said two people aware of the development.
Property consultants say the deal is being negotiated at ₹7.5-₹8 crore per ground which is higher than the prevailing market rate. One acre equals about 18 ground, a measure used primarily in South India. “There is not much land available in central Chennai and whatever is up for sale is getting closed at a higher rate now,” said one of the persons cited above.
Baashyaam Constructions is present in luxury residential projects, apart from commercial and hospitality. It is developing an uber-luxury twin-tower project at the site of the erstwhile five-star Crowne Plaza hotel in Chennai’s Adyar Park.
The 4.5-acre project is located close to the Boat Club, one of the costliest addresses in Chennai.
Baashyaam and Standard Chartered could not be reached for comment. Developers such as DLF, Brigade Group, CapitaLand, ETL Infra, Olympia Group, Mindspace REIT and RMZ Corp have unveiled large-sized office developments exceeding 1 million sq ft in key micro markets such as OMR Zone 1, OMR Zone 2, MPH Road, and Off CBD, said CBRE.
The consultancy firm says Chennai recorded highest-ever leasing and decadal-high supply in 2023 with total absorption of 10 million sq ft and supply of 6.4 million sq ft.
