New Delhi, Dec. 5 -- Chennai-based developer Baashyaam Group has acquired a land parcel in its home city from British lender Standard Chartered's subsidiary Standard Chartered Global Business Services (GBS), two people close to the development told VCCircle.
Baashyaam acquired the land parcel spread over more than five acres at Nungambakkam, Haddows Road, a prime locality in Chennai, for about Rs 1,200 crore (approximately $134 million). This is one of the biggest land transactions in the city.
Baashyam, which has a three-decade history in infrastructure and real estate sectors, has a presence across both commercial and residential property verticals. Its residential projects include The Plutus Residence, Cloud Graze, and La Grand Trianon. Its commercial portfolio includes Promenade and Willow Square.
Law firm JSA Advocates & Solicitors advised Baashyaam Group on the transaction, helping the company on title due diligence exercise as well as regulatory aspects.
Chennai's real estate market is abuzz with activity across both buy and sell side with investors betting big on the growth prospects of the city.
In another deal, local developer Casagrand recently struck a Rs 700-crore deal with private equity firm Blackstone, one of the biggest investors in India's real estate market, for two warehousing projects.
VCCircle also recently reported that a bunch of investors including Embassy Office Parks REIT and Mindspace Business Parks REIT are in the race to acquire CapitaLand's Chennai asset International Tech Park, Radial Road.
Meanwhile, Chennai-based developers DRA Homes and Urbanrise are preparing the groundwork to go public in the medium to long term, seeking to capture the momentum in the stock markets.
Published by HT Digital Content Services with permission from VC Circle.