Bengaluru-headquartered real estate and property development company Brigade Group has entered into an understanding to purchase nearly 5 acres of the iconic TVS Sundaram Motors’ property on Anna Salai in Chennai.
Last week BusinessLine first reported that the landmark TVS property in the heart of Chennai is up for sale with several real estate players including the Prestige Group, Puravankara, Embassy and Brigade Group evincing interest.
An official spokesperson of the Brigade Group confirmed the development.
“Brigade Group has come to an understanding to purchase nearly 5 acres of prime property on Anna Salai, Chennai, belonging to a TVS Group company. Usual process of due diligence is in progress. Due to confidentiality, we are unable to disclose the price, nature of development, etc. at this point in time,” the Brigade Group said in its official comment.
The property, admeasuring 89 grounds or 2.14 lakh square feet, stretches from Anna Salai in the north to Whites Road in the south. It presently houses the showroom and service centre of Honda cars (Sundaram Honda).
Sources told BusinessLine earlier that the property has been in the market for a while with an asking price of around ₹6-6.5 crore per ground, aggregating ₹550 crore.
February 11, 2022