A real estate developer has acquired nine acres of land at Perungudi along the Old Mahabalipuram Road (OMR) in Chennai on a long-term lease, marking one of the most significant transactions on the city’s IT corridor in recent years.
The site has been leased for 55 years and is located in a prime area where large land parcels are extremely scarce. It offers a development potential of 1.6 million sq ft, according to a source familiar with the deal. While financial terms were not disclosed, experts estimate that an acre of land at Perungudi would cost around ?54 crore for an outright purchase at current market rates.
The developer plans to construct a Grade-A office complex alongside a 200-key hotel, strengthening its commercial and hospitality presence in Chennai, the source added.
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