The Bengaluru-based realty developer Prestige Group has bought 12.6 ground land parcel belonging to the Chennai-based Southern Infrastructure for Rs. 55 crore. The property is located on Sardar Patel Road at Guindy.
“We closed the deal a few weeks ago. It was an outright purchase. We are coming up with a high-end luxury project,” Irfan Razack, chairman and managing director of Prestige Group, told The Hindu .
The Southern Infrastructure belongs to Shanmugham Thiagarajan, who was the promoter of ELNET, a public limited company, which was at that time jointly promoted by ELCOT. Mr Thiagarajan could not be reached for his comments.
However, three different real estate sources confirmed that the property belonged to him. “Yes, this land parcel was purchased from Southern Infrastructure. We have started working on the drawing and detailing of the luxury apartments that will come up there,” said Stephen Daniel, senior vice-president-Tamil Nadu, Prestige Group.
The going rate in this locality is between Rs. 3 crore and Rs 4.5 crore per ground, depending on the extent and land classification.