The iconic TVS Sundaram Motors’ property in Chennai’s Anna Salai is up for sale. The property, admeasuring 89 grounds or 2.14 lakh square feet, stretches from Anna Salai in the north to Whites Road in the south. It presently houses showroom and service centre of Honda cars (Sundaram Honda).
The property, it is reliably learnt, has been in the market for a while with an asking price of around ₹6-6.5 crore per ground, aggregating ₹550 crore. Many real estate players, including the Prestige Group, Purvankara, Embassy and Brigade Group had evinced interest in the property.
Well placed market sources say Prestige Group may well have closed in on the deal at around ₹550 to 600 crore. The builder is flush with funds and have been looking at opportunities in the commercial real estate space in Chennai. In March 2021, it had sold assets worth ₹7,467 crore to Blackstone. TVS officials were tightlipped about the deal.
Legal team of the prospective buyer has published a public notice announcing its intention to buy the land.