Chennai: Major Real Estate

Deals Of 2014
Chennai real estate market was, more
or less, stable over the year 2014 with
no major developments in the first half
of the year. However, market
sentiments improved during the
second half after the formation of the
new government at the centre and the
announcement of new policies and
initiatives.
As such, various deals were inked during the year. The following are some of the
major deals inked during this year.
1. Ashok Leyland is looking to sell its 1 acre plot at Boat Club area in
Chennai for a whopping amount between 10 12 crore. This is part of
their plan involving sale of immovable property to tackle high debt it is
facing following the slowdown in commercial vehicle sales over the last
several quarters.
2. Videocon Group to set up a manufacturing facility with an investment
of 1,000 crore in Tamil Nadu. The Videocon groups subsidiary Unity
Appliances would be establishing a consumer durable production unit
at Manamadurai in Shivaganga district investing 1,000 crore in the
next five years.
3. Danfoss Industries is setting up a green-field manufacturing and R&D
hub near Chennai. The facility at Oragadam is spread over 50 acres
and would be fully ready by the end of this year.
4. Realty major Tata Housing is going to invest over 700 crore to
develop a new housing project in Chennai. Sprawling over 15 acres, the
project would comprise of about 1,600 units.
5. Mumbai-based Hiranandani Group bought Hirco Plcs 368-acre Chennai
project for 2,000 crore. This is being termed as one of their biggest
auctions in the city.
6. Polyhose India has acquired about 86 acre land parcel that originally
belonged to Presidency Kids Leather near Chennai. The deal size,
including stamp duty, is said to have closed at Rs 100 crore.
7. Colombo-based hotel chain Aitken Spence Hotels has bought
Reseda-The Fern, a five-star hotel in Chennai for $25 million (about 150
crore) from the Rayala Group.

8. Sundaram BNP Paribas Home Finance is considering to raise Rs 3,000

crore including Rs 1,000 crore through NCDs over the next nine
months.
9. Shrirams real estate unit has entered into a preliminary agreement
with AVM Balasubramanian, one of the five sons of Meiyappan, to pick
up economic interest in about 6.5 acres of prime land at Vadapalani in
Chennai, which is part of the complex housing Indias oldest surviving
film studio AVM. The developer plans to build 700,000 sq. ft. residential
project on the land.
10.Mahindra Lifespace Developers (MLDL), the real estate and
infrastructure development arm of the $16.5- billion Mahindra Group,
will invest 350 crore in the affordable housing space in another one
years time.
11.Chennai based real estate firm VGN Developers Pvt. Ltd is looking to
raise 400 crore from private equity funds.
12.IVRCL Ltd has put up 4,000 crore worth of assets for sale and
expects to come out of debt burden in the next two years. Assets for
sale include road projects both operational and under construction and
desalination plant in Chennai.
13.Piramal Fund Management has raised $50 million ( 300 crore) for the
offshore real estate fund. This is the first time that the group has raised
funds from institutional investors abroad.

Source: CommonFloor.com
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