The Palms, a prime property measuring 39 grounds located on Haddows Road in Nungambakkam and belonging to industrialist Naresh Jayantilal Kotak of J.M. Baxi Group, has been purchased by a hospital group for ₹235 crore.
Sources told The Hindu said that the property has been bought by the MGM Hospital. What the group intends to do with the property was not known but those in the real estate circles say this is one of the biggest deals in recent times. Those who were mediating this deal said they were not allowed to disclose any details as per the agreement signed by them.