Prestige Group plans to buy a prime land parcel in Tamil Nadu stretching from Anna Salai to White's Road from Sundaram Motors of the TVS Group for Rs 550-600 crore.
A combination of retail and commercial Grade-A office space might be developed on the 89-ground plot, connecting Anna Salai to White's Road. Other developers for the land parcel who participated are Bridge, Purvankara and Embassy, but lost to Prestige Group in the all-cash deal. It will take around 18-24 months to develop the 2.14 lakh sq ft plot. Sources told the media that Sundaram Motors plans to sell or develop many prime land parcels in Tamil Nadu.The plots include a large plot near Poonamallee and premium property in Madurai and Trichy. The industry experts have maintained a group of southern developers that have shown interest in the Poonamallee land parcel and other plots of the company. Sources said these interested developers are backed by some big multinational companies (MNCs) funds. The MNC funds like Blackstone have picked up assets worth over Rs 7,000 crore from Prestige Group. Like the Anna Salai plot deal, other deals will also be all-cash deals. Image Source
