Three major land deals on the southern periphery of Chennai indicate a renewed interest among the corporate sector in the city. According to reliable sources, major deals concluded recently include a 4.5-acre parcel of land bought by Eicher Motors to set up a technology centre for Royal Enfield. The plot has been acquired near Sholinganallur from a Danish company, which has shifted its factory, said the source.
The deal according to market sources could be around ₹90 crore, according to the sources. Land prices in this area, on the IT corridor, range at ₹18-20 crore an acre.
Another deal on a similar scale is of a Japanese two-wheeler major acquiring a three-acre property for a similar price range also on the IT Corridor to set up its corporate office.
A third-deal was for a 6.5-acre by Synergy Maritime, a ship management company which acquired the land off the IT Corridor at ₹12 crore an acre, totalling close to ₹80 crore, the sources said.
Source- The Hindu Business Line Chennai