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Our Bureau

Chennai, Nov. 28 TVS Group plans to sell 6.18 acres prime land at Nandambakkam, off Mount Poonamallee Road, a fast growing central business district in southern part of Chennai.

The company has set a reserve price of Rs 5,208 a sq. ft, which works out to about Rs 22.68 crore an acre.

The group has appointed international property consultants Jones Lang LaSalle Meghraj to handle the sale.

According to Mr Ramesh Nair, Local Director, Corporate Solutions, Jones Lang LaSalle Meghraj, the sale would be through a tendering process with interested parties sending in their bids for the property, which is ideal for setting up IT Parks, office space, residential or retail projects.

Mount Poonamallee Road has emerged among the fast growing business districts in the city with leading players such as DLF, which has leased out over 2 million sq. ft of IT space there, and RMZ, Rahejas and TCG planning projects.

In March, HTL located at the Kathipara Junction, nearby where Mount-Poonamallee Road meets Mount Road, sold over 11 acres for what is considered a record price of Rs 27 crore an acre to the Bangalore-based RMZ.

The price works out to about Rs 6,198 a sq ft.

More Stories on : Announcements | Real Estate & Construction | Tamil Nadu

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