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Luxury property developer Baashyaam Constructions is reportedly in talks with Standard Chartered Bank to acquire a prime 4.6-acre plot in the Nungambakkam area, in a deal estimated at USD 800 crore (INR 6,400 crore). This hefty price tag reflects the high demand for centrally located land in Chennai. The plot itself includes an existing built-up area of approximately 500,000 sq. ft, hinting at potential redevelopment plans by Baashyaam. Industry experts suggest the price per ground (a measurement unit used in South India) is exceeding the current market rate, further highlighting the scarcity of prime land in central Chennai.
Baashyaam Constructions, a leading developer specializing in luxury residential projects, is no stranger to high-end ventures. They are currently undertaking a prestigious twin-tower project on the former site of the Crowne Plaza hotel in Adyar Park, Chennai. This ongoing project reinforces their focus on developing premium properties.
The potential land deal is a strong indicator of the current boom in Chennai's real estate market. In 2023, the city witnessed its highest-ever office space leasing, with over 10 million sq ft absorbed by businesses. This surge in demand is mirrored by a rise in new office space supply, which reached a 10-year high of 6.4 million sq. ft in 2023. Developers are clearly optimistic about the future of Chennai's commercial sector.
While official confirmation from both Baashyaam Constructions and Standard Chartered Bank is awaited, this potential deal signifies investor confidence in Chennai's central business district. Experts anticipate that if acquired, the land could be redeveloped into a high-end residential or commercial project, further contributing to the city's evolving skyline and economic growth.
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