Auto components maker Rane Group has sold a six-acre land parcel in Chennai for ₹75-80 crore, according to sources.

Casa Grande, a city-based developer, recently acquired the land parcel located in the southern part of the city on the Grand Southern Trunk Road.

The price at about ₹12.5 crore an acre is an attractive value under the current slow market conditions in the predominantly middle-income residential area, according to experts. Casa Grande is looking at residential development along with some commercial space, say sources in the know. The components maker has also put a four-acre plot in Velachery in south Chennai on the block. It had called for bids through an international property consultant last year, but the bidders had not matched its price expectations.

One more deal Sources say Casa Grande is in advanced stage of talks with a large infrastructure company for buying a six-acre property at Manapakkam, another southern suburb of the city.

There has been a spate of land deals in the city with the corporate sector cashing in on the high land valuations. Recently, two companies in the Murugappa Group sold residential property in Kotturpuram for about ₹147 crore. On the Old Mahabalipuram Road, popularly referred to as an IT corridor, a 20-acre plot was sold in three separate deals at ₹12 crore to ₹18 crore an acre.

Towards the end of last year, Binny Ltd announced plans for joint development of 70 acres in North Chennai, while the company’s promoters sold 12 acres for over ₹266 crore in a western suburb.

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