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Binny Ltd has decided to sell a 1.20-acre property in North Chennai to Landmark Barracks Projects Pvt Ltd, a Chennai-based developer.
Binny informed the BSE today that it has approved a proposal to sell the land for ₹24 crore to Landmark Barracks Projects.
It has also cleared the purchase of a 4,037-sq-ft parcel of land abutting the property. It will buy the land from two individuals, S Varadharajan and V Kanagalakshmi, for ₹ 2.42 crore, the company said in the announcement.
Landmark Barracks is a part of the Chennai-based Landmark Housing, which in October 2014 acquired a 14.16-acre plot in Perambur from Binny for ₹ 490 crore.
The developer is in the advanced stages of getting approvals for a residential project here. It is likely to be launched later this year.
Binny also announced plans last year to diversify into real estate through an integrated township project.
The company, once a leading textile and engineering player, announced it has entered into an agreement with another Chennai-based developer to promote a 71-acre township project at Perambur where previously Binny’s textile mill was located.
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