The city-based Olympia Group has picked up a 5.5-acre property belonging to Exide Industries at Alandur.
Sources in the real estate sector, who confirmed the news, said that it was a ₹125-crore deal, partly funded by the Piramal Group. Real estate services firm Jones Lang LaSalle facilitated the transaction.
Officials from Exide and the Olympia Group could not be reached for their comments.
A source in the industry who is aware of the transaction said, “Olympia Group has bought this land parcel belonging to Exide. This land at Alandur was a factory site which has been lying idle for a decade now. This is one of the largest deals in 2018.” He added that the Olympia Group intends to build an IT park on the land. “The group has expertise in IT parks,” he said.
The Olympia Group has the largest IT park in the city--Olympia Tech Park (OTP)--at Guindy, housing Fortune 100 companies as its tenants. Leading IT companies have also taken up space in the building. OTP is also the first large green building (about 1.8 million sq. ft.) in Chennai.
Analysts who track the real estate market in Chennai said that the deal paves the way for more IT space. “The Guindy and Porur belts are home to several IT firms, startups and co-working spaces. Once Olympia Group comes out with its plan, more IT firms will queue up to grab space here,” said one analyst.