Two real estate developers have entered into an agreement to jointly acquire a 3.48-acre land parcel in Velachery, Chennai, for a consideration of ?361.18 crore. The land is earmarked for the development of residential dwellings with a total development potential of approximately 7.5 lakh sq ft and an estimated gross development value (GDV) of over ?1,600 crore.
The acquisition will be undertaken through their joint venture entity, and the transaction is expected to be completed by September 30, 2026. The total extent of land in Velachery is 4.50 acres, with the remaining portion to be retained by the current owner for the construction of a new office. The owner aims to reduce debt and consolidate city offices of various divisions through this land monetization.
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