Industry & Economy
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Real Estate & Construction
Embassy group eyes Gordon Woodroffe property in Chennai
M. Ramesh
Chennai
,
Dec. 6
AFTER Shaw Wallace, Falcon Tyres and Dunlop, the next major sale from the Jumbo group stable could well be the land that belongs to Gordon Woodroffe Ltd. The Embassy group of Bangalore is closing in on a deal to buy about 90 acres from Gordon Woodroffe Ltd of the Jumbo group.
While confirming negotiations, sources in the Embassy group told Business Line that discussions were still quite a distance away from completion.
The land under consideration is situated at Pallavaram, a southern suburb of Chennai, where a leather unit of Gordon Woodroffe Ltd once stood.
The value of land there is understood to be at least a crore of rupees an acre, but people in the know say that a tract of land as 90 acres sold in one lot would be valued much higher — even between Rs 150 crore and Rs 200 crore.
If the deal materialises, it will be among the major land deals that have happened in Chennai this year. In summer, the Delhi-based DLF group purchased a 43-acre piece of land in Sivaji Gardens in the city for about Rs 150 crore. Recently, the same group closed a deal to buy about five acres of Mico's property in the city, reportedly for Rs 189 crore.
A 54-acre piece of land, once home to Standard Motors Ltd, could go into the hands of Shriram Properties Ltd, once certain legal formalities are completed. The company has bought the land from the official liquidator for Rs 154 crore.
These apart, foreign investors such as Nokia, Flextronics and BMW have all purchased land outside the city.
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