Plot near Cenotaph Road sells for Rs 8cr per ground
Jayaraj Sivan
Chennai
Even as the realty sector reels from a slump, premium areas in the city are setting new benchmarks for land prices. A fourground (9,600 sqft) plot off Cenotaph Road has been sold by Sandeep Mehta, MD of Jain Housing, to a citybased industrialist for `32 crore, at `8 crore per ground.
The buyer is likely to construct an independent house there, sources said.Moreover, at an FSI cost of `19,000 per sqft, no apartment project is economically viable in such areas. In the last six months alone the price in the locality has gone up by `1 crore per ground.Mehta had earlier sold about 7 grounds to VGN Developers at less than `7 crore per ground. “It was a bank loan takeover by the buyer and no cash transfer was involved in the VGN deal,“ a source said.
At the peak of realty boom two years ago, Mehta had picked up the 56-ground property on Chittaranjan Road, off Cenotaph Road, from NRI businessman C Sivasankaran for `336 crore, at `6 crore per ground. He has reserved a portion of the land for constructing a house and has been offloading the balance area to cut down borrowings. Apart from Japanese consulate, the road houses some VIPs like DMK treasurer M K Stalin and members of Murugappa Group.
“This is a landmark deal.In today's market, buyers with deep pockets are choosy about properties. Vaastucompliant properties in premium locations alone fetch good price. Except Boat Club and Poes Garden, no other part of Chennai has seen this kind of land price,“ said Sohail Sarooshi, a realtor.
A month ago, Bengalurubased Brigade Properties had purchased 15.86 acre from Kansai Nerolac at Perungudi for `550 crore.
