Business Daily from THE HINDU group of publications
Thursday, Aug 02, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Aug 02, 2007 ePaper |
|
|
|
|
|
|
|
Industry & Economy
-
Real Estate & Construction States - Tamil Nadu Vijay Shanthi buying Chennai property from Kishore Biyani
Vijay Shanthi has planned some changes in the project which would now be a shopping complex; multiplexes are not likely to figure in the plans.
R. Balaji Chennai, Aug. 1 Vijay Shanthi Builders Ltd, the Chennai-based real estate developer, is set to acquire a 48,000 sq. ft property on Nungambakkam High Road, from Mr Kishore Biyani, Managing Director, Pantaloon Retail of the Future Group, according to sources in the know. The sources, who are close to the deal that is being finalised, while not disclosing the details, said that Vijay Shanthi Builders is in the final stages of concluding the transaction. KB Mall Management Pvt Ltd, a special purpose vehicle promoted by Mr Kishore Biyani planned to set up Chennai Central, a 1.2-lakh sq ft mall, at the location. But the project announced more than two years back could not take off due to delays in clearances. The mall was to have leased space to Pantaloon Retail, three restaurants, and multiplexes. Srinivasa Shipping and Property Development Ltd had entered into an agreement with KB Mall to construct the Chennai Central. At the time of the agreement in 2005, the project, including the land cost, was estimated at Rs 60 crore. Vijay Shanthi Builders, primarily in the residential segment, is planning a commercial project as a part of a brand building exercise. Vijay Shanthi has planned some changes in the project which would now be a shopping complex. Multiplexes are not likely to figure in the plans. Vijay Shanthi has emerged a big name in the premium segment and is known for its multi-crore-rupee luxury apartments. It now wants the visibility that a project on such a premium location would give it, the sources said.
More Stories on : Real Estate & Construction | Tamil Nadu
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|