Financial Daily from THE HINDU group of publications
Sunday, May 21, 2006
Financial Daily from THE HINDU group of publications Sunday, May 21, 2006 |
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Industry & Economy
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Real Estate & Construction Info-Tech - E-Commerce & E-Business States - Tamil Nadu TVS property in Chennai to be sold through e-auction Our Bureau
Chennai , May 20 A 55,000 sq ft vacant piece of land in the upmarket Boat Club area of Chennai is coming up for sale through an electronic auction. The TVS group, which owns the property, has asked C.B. Richard Ellis, an international real estate consultancy firm, to conduct the e-auction. This will be the second property in the Boat Club area to be sold through an e-auction. In November 2005, Hongkong and Shanghai Banking Corporation sold a 28,000 sq ft residential property through an e-auction, for which also C.B. Richard Ellis was the consultant. That property fetched Rs 42 crore, which works out to about Rs 15,000 a sq ft.
Transparent process
The TVS group decided to sell the property through an e-auction because of the transparent process and the possibility of getting a higher price than through a negotiated deal. A couple of builders had approached the group and asked it to consider selling the property. It is expected that the whole process will be completed in six months. Real estate industry sources say that property prices in Chennai continue to be high and that there is every chance that this property will fetch the same price that the HSBC property did. At that rate, this property could fetch about Rs 80 crore.
More Stories on : Real Estate & Construction | E-Commerce & E-Business | Tamil Nadu
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