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R. Balaji

Gets Rs 297 crore for 11 acres

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Chennai March 7 HTL has sold over 11 acres land at Guindy for a record price of Rs 297 crore. According to sources in the know, the HTL property on GST road, which was put on the block through e-auction, was bagged by a real estate developer for Rs 27 crore an acre.

International real estate consultancy firm Jones Lang LaSalle, the exclusive marketer for the property, was the sale manager. The name of the buyer was not disclosed. According to those in the real estate business the size of the deal sets a new record for a property sale in Chennai.

Industrial Centre

The price works out to about Rs 6,198 a sq ft. For HTL, this is a 50 per cent increase over the price it got in 2005-06 when the National Highways Authority acquired 1.64 acres for Rs 29.06 crore — Rs 4,067 a sq ft.

Guindy, till recently an industrial centre, has in recent years emerged a centre for IT companies and modern commercial space. Guindy Industrial Estate adjacent to the property — a home to small-scale enterprises — is now known more for the IT space and commercial built-up space.

The advantage the location offers is that it is at the junction of Mount Road and Mount-Poonamallee Road, and close to Old Mahabalipuram Road, the IT Corridor. A real estate developer with a million sq ft of developed space commands Rs 60 a sq ft as lease in the vicinity.

HTL (formerly Hindustan Teleprinters Ltd), a subsidiary of Himachal Futuristic Communications Ltd, a telecommunications equipment manufacturer, is under the purview of the BIFR. Himachal Futuristic took a 74 per cent stake in 2001 for Rs 55 crore when Government of India disinvested its holding. According to the annual report for 2005-06 of Himachal Futuristic, HTL has accumulated losses of Rs 177 crore as on March 31, 2006. Its liabilities exceed its assets by Rs 29.90 crore.

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