CHENNAI: It's official now. Bengaluru-based Brigade Group has announced that it is buying Sundaram Motors' five-acre plot on Anna Salai, but did not disclose for how much.
TOI had reported three days ago that a deal was in the offing for 550 crore to 600 crore.
"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 real estate firm said in an email statement.
Sources in Brigade group confirmed that the deal will be sealed shortly and the price is 550 crore-₹600 crore.
The Anna Salai property, measuring 2.14 lakh sq ft, will take at least 18-24 months to break ground. It is on the road from Anna Salai to Whites Road.
