Leading Chennai-based real estate developers - the Baashyaam Group and Arihant Foundations Ltd - are the final two bidders in the race to buy the 5.78-acre property of Standard Chartered Group on Haddows Road in the heart of the city. The property is valued at around ₹1,000 crore and houses the group’s Global Services India. CBRE was earlier appointed as the agency for the sale.
Industry sources said that if either of the real estate developers wins the deal, the entire property will be razed down to make way for a residential project. The cost of land at Haddows Road could be ₹8 crore to ₹9 crore per ground (2,400 sq ft). The current market price for an apartment in the Haddow Road region ranges between ₹25,000 and ₹30,000, sources said.
“If it sells, the residential property at the Standard Chartered location will make a good profit,” a real estate analyst said, commenting on the viability of a residential project on the land.
StanChart GBS has been operating at Haddows Road for nearly 24 years. The sale is part of StanChart GBS’ plan to relocate its 16,000 employees from four locations, including Haddows Road, in Chennai, to a new integrated 7.40 lakh sq ft facility at DLF Downtown by 2025. In November 2022, businessline reported that the property would be put up for sale.