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Bengaluru-based developer Prestige Group will soon finalise a landmark deal in Chennai for “well over ₹500 crore”, according to reliable market sources.
The developer has quoted the clinching price for a 16-acre plot put on the block by Kansai Nerolac Paints on the Old Mahabalipuram Road (OMR), popularly known as the city’s IT Corridor.
Prestige Group pipped leading developers, including Ascendas, Brigade Enterprises and Tata Realty, to clinch the deal, the source said. It is the highest bidder and the paint company will present the shortlisted bid for board approval in the next few days, the source said.
Leading international property consultants CBRE and JLL had facilitated the deal.
Even at a price of ₹500 crore for the 15.86-acre plot at Perungudi, close to the OMR toll plaza, an acre works out to over ₹31 crore.
This will be a record price for land on OMR where an acre of land in recent deals a few kilometres down the road ranged around ₹18-20 crore.
Land in the vicinity has seen some of the largest commercial and premium residential developments making the IT corridor on the southern part of the city a much sought after premium location.
However, the scale of the deal has surprised real estate sector watchers as it comes at a time when the market is extremely dull and transactions have slowed.
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