The Hindu Business Line : DLF wins bid for Madras Race Club land

BIG INVESTMENTS PLANNED: From left: Mr M.A.M. Ramaswamy, Chairman, Madras Race Club; Mr Rajeev Talwar, Group Executive Director, DLF Ltd, and Mr R. Ramkumar, Chief Executive (Southern Region), DLF, at a function in Chennai on Wednesday. — Bijoy Ghosh

Chennai , Dec. 20

DLF Ltd has won the bid for developing a 5.56-acre land in the heart of Chennai that belongs to Madras Race Club. The company intends to build a mall-cum-multiplex complex, a project that is expected to cost Rs 300 crore. Another Rs 200-crore of investments would happen in the complex from the occupants-retailers.

The agreement for this was signed here on Wednesday by Mr Dharmasenen Ebenezer, Secretary, Madras Race Club, and Dr R. Ramkumar, Chief Executive (Southern Region), DLF. Dr M.A.M. Ramaswamy, Chairman, Madras Race Club, and Mr Rajeev Talwar, Group Executive Director, DLF, were present on the occasion.

Officials did not give the consideration for the deal — they said that was being worked out — but mentioned that DLF would place an interest-free deposit with Madras Race Club for the entire 66-year lease period. In addition, it would also pay MRC a monthly rent.

The land, on which Madras Race Club's Race Hall stands today, is located in Guindy. According to Mr Talwar, many reputed companies such as Unitech, Taj GVK, Oberoi Hotels, Emaar, B Raheja Ratthas, Chancery and Shet Developers also put in their bids. The offers were evaluated by CB Richard Ellis, property consultants.

He said that the project was a part of the commitment that DLF has made to the Tamil Nadu Government for investing Rs 10,000 crore in the State.

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