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R. Balaji

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Chennai Feb. 7 IDBI Bank on Wednesday auctioned off its 1,04,381 sq ft property on Boat Club Road, an up-market residential locality in Chennai, for Rs 175 crore. The property was bought through an electronic auction by a `high net worth individual' whose name was not disclosed.

The final price of Rs 175 crore for the property works out to Rs 16,765 a sq. ft (Rs 4.02 crore a ground of 2,400 sq ft; 43 grounds), setting a new mark for a property in that locality.

Earlier, in 2005, Hong Kong and Shanghai Banking Corporation sold a 28,000 sq ft property for Rs 42 crore (Rs 14,833 a sq ft; Rs 3.5 crore a ground) and last year, the TVS group sold a 55,344 sq ft property for over Rs 80 crore (Rs 14,455 a sq ft; Rs 3.46 crore a ground).

IDBI had advertised for bidders to participate in the e-auction through international real estate consultants Jones Lang LaSalle, the selling agents. The reserve price was set at 132 crore. Neither of them was available for comment.

According to sources, over 10 bidders were in the fray and the bidding process had lasted over three and half to four hours.

Earlier, real estate players predicted that a sale at Boat Club Road sets a new benchmark for real estate prices in the city.

More Stories on : Real Estate & Construction | Private Banks

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