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Gulf co buying Rane Madras’ surplus land
R. Balaji
Chennai, Oct 4 The Gulf-based MFar Group has agreed to buy nearly two acres land from Rane Madras, which is selling off its surplus holding at Velachery, on the outskirts to the west of Chennai, according to market sources.
According to information provided by Rane Madras to the stock exchange, it has entered into an agreement to sell 1.93 acres land in Velachery, for Rs 55.36 crore.
The sale would be completed within the next 30 days.
The company has said that the land on Velachery Main Road has been rendered surplus after it shifted the plant to a new manufacturing unit.
Velachery is among the areas that have seen significant development in recent years in residential and commercial use.
The MFar Group is based in the Gulf and has major interests in hotels and resorts. The MFar Group is in India through MFar Constructions, which has handled major projects in a wide range of sectors including hospitality, residential and IT.
According to market sources, the price for the 84,360 sq ft land sets a new mark for prices in Velachery. At about Rs 1.57 crore for a ground (2,400 sq ft) the buyer would probably be looking at a commercial or non-IT office space rather than residential project, which would be unviable.
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