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Commercial vehicle manufacturer Ashok Leyland is selling off it prime property here, according to reliable sources.
This is part of a plan involving sale of immovable property to tackle the high debt it is facing following the slowdown in commercial vehicle sales over the last several quarters.
It has put on the block a 1-acre property in the posh Boat Club area, one of the most expensive residential localities in Chennai, the sources said. Company officials, however, declined to comment.
The property has been in the market for some time and there is renewed interest with real estate activity picking up in Chennai in recent weeks, the sources said.
Market estimates peg the value at ₹9-12 crore a ground for the property of approximately 18 grounds.
To garner funds, Ashok Leyland has been selling its surplus land. It announced in the third quarter results that it has sold a surplus land parcel in Ennore, the industrial area to the north of Chennai, where it has a factory, for ₹40 crore. While company officials declined to provide details, sources in the know said the extent of land sold was about 18 acres with the average price estimated at over ₹2 crore an acre.
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