The Hindu Business Line : Prestige group buys Balaji property in Chennai

According to sources in the know, the Prestige group paid about Rs 115 crore for the property, where it plans to put up a 500,000 square feet IT park.

The company expects to put up one tower with three basements and 12 floors.

The official spokesperson for the Prestige group, while declining to comment on the purchase price, acknowledged that the company has acquired the property.

An IT park would come up at the location in two years’ time. Chennai is a ‘booming market’ and the company hopes to put up commercial projects and technology parks.

The property, where once the popular Soundarya Nursery, known to every avid gardening enthusiast in the city, once existed, was acquired by the Balaji group from the original owners in the mid-1990s.

The group acquired the land for about Rs 20 crore.

The price paid by Prestige group sets a new mark for land price on Anna Salai, in the heart of the city, at about Rs 9,450 a sq ft.

The last major deal on Anna Salai was that of the HTL property, on the southern outskirts of the city, which was sold to RMZ at about Rs 6,800 per sq ft in March.

Industry watchers say that the price is ‘about right’ for the area.

Prestige officials say that in two years’ time they would expect over Rs 100 a sq ft in lease rentals for the location.

The technology park by the Prestige group in Chennai would be its third major project in the city.

It has started work on a Rs 350-crore project in a joint venture to set up a 17 lakh sq ft Forum Mall.

This project is coming up at Vadapalani, a busy centre in the heart of the city. Another commercial project with a built up space of over two-lakh sq ft is planned on Greams Road, off Anna Salai.

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