Chennai-headquartered Appaswamy Real Estates has concluded a ₹400 crore deal with True Value Homes (TVH), another city-based developer, over a land parcel measuring 60 grounds at Kotturpuram, close to the Adyar.
Officials from Appaswamy Real Estates and TVH could not be reached for comment. Three different sources in the real estate sector in Chennai, who are aware of this development, said the deal had been concluded and Piramal Fund would advance over ₹200 crore to Appaswamy Real Estates to fund the venture.
It is learnt that Appaswamy Real Estates plans to come up with a high-end residential project at the site. An 18-storey building is what they are planning, sources added.
Over the last few years, several developers eyed this land parcel, which was once part of the 18-acre Adyar Villa owned by SPIC promoter A.C. Muthiah’s family. TVH bought this land in 2009 in a ₹120 crore deal.
Earlier, Country Garden, one of China’s top township developers, evinced interest in the deal. “The deal did not happen because Country Garden offered to pay a certain amount upfront and the balance after the realisation of the projects,†said another source in the real estate sector. According to property consultants, Chennai in the last two years has seen places such as Kotturpuram, Anna Nagar and Egmore emerge in the luxury real estate space.
The localities are witnessing the highest growth because they address the city’s new-found need for affordable luxury.