Ashok Leyland to sell prime property in Chennai
According to market estimates, the deal could fetch well over Rs 200 crore.
Feb 14, 2014
Source : The Times of India

CHENNAI: Commercial vehicle manufacturer Ashok Leyland is selling off it prime property here, according to reliable sources.

This is part of a plan involving sale of immovable property to tackle the high debt it is facing following the slowdown in commercial vehicle sales over the last several quarters.

It has put on the block a 1-acre property in the posh Boat Club area, one of the most expensive residential localities in Chennai, the sources said. Company officials, however, declined to comment.

The property has been in the market for some time and there is renewed interest with real estate activity picking up in Chennai in recent weeks, the sources said.

Market estimates peg the value at Rs 9-12 crore a ground for the property of approximately 18 grounds.

To garner funds, Ashok Leyland has been selling its surplus land. It announced in the third quarter results that it has sold a surplus land parcel in Ennore, the industrial area to the north of Chennai, where it has a factory, for Rs 40 crore. While company officials declined to provide details, sources in the know said the extent of land sold was about 18 acres with the average price estimated at over RS 2 crore an acre.

Latest Realty News

Your Dream Home May Get Dearer
Feb 12, 2014
CHENNAI: Now flats in Chennai are likely to become a tad more costly since the Chennai Metropolitan Development Authority (CMDA) has decided to charge four times the previous security deposit from the builder while issuing planning permission.
Vijay Mahtaney looks for a buyer for the super pricey Boat Club property
Feb 12, 2014
CHENNAI: Businessman Vijay Mahtaney is looking for a buyer for his over nine grounds (one ground is 2,400 sq ft) of property in Chennai's Boat Club area, its most expensive address, in what could possibly lead to one of the priciest residential realty deals in the city in recent times.
Chennai: 60% of big properties remain undervalued
Feb 12, 2014
CHENNAI: Corporation of Chennai has been losing crores of rupees due to its failure to revise itsproperty tax structure since 1998 and massive undervaluation of properties by owners.
Deccan Chronicle: Lenders with low exposure seek faster action
Jan 31, 2014
CHENNAI: While big lenders to the debt-ridden Deccan Chronicle Holdings Ltd (DCHL) are keeping their fingers crossed, a few banks that have relatively low exposure seem to be moving fast to secure their loans.
Landmark hotel to make way for apartments
Jan 30, 2014
CHENNAI: The hospitality sector in Chennai is going through rough weather with many a hotel being put on the block for want of patronage. In less than a year, the city is all set to lose its third hotel to real estate promoters.
Housing market set for positive growth in city’
Jan 29, 2014
TIRUCHI: Although the economic slowdown has resulted in poor demand for housing properties in the city last year, there are signs that the market is on the road to revival, say members of the Tiruchi chapter of Confederation of Real Estate Developers (CREDAI).
CMDA set to hike security deposit for buildings
Jan 23, 2014
CHENNAI: Chennai Metropolitan Development Authority (CMDA) is all set to increase fourfold the security deposit for construction of buildings.
Kilpauk building locked, sealed
Jan 23, 2014
CHENNAI: Officials of the Chennai Metropolitan Development Authority (CMDA) on Tuesday sealed a multi-storey building being built on Millers Road in Kilpauk for violating its plan approval.
Indian Bank, IOB launch special drive for home loans
Jan 23, 2014
CHENNAI: In an attempt to target prospective home buyers, public sector lenders -- Indian Bank and Indian Overseas Bank -- are offering home loans at interest rates of 10.20 and 10.25%, respectively.
Experts cite Hyderabad model to curb building violations
Jan 22, 2014
CHENNAI: Unauthorised construction activity is on the rise in the city owing to the shortage of civic staff, so experts have suggested that the corporation follow a model introduced in Hyderabad to curb building violations.

Latest Realty News Of State

Realty Talk's