Embassy adds to Rs. 4,500cr realty projects

    Altico-RealtyProject
    Injecting yet another booster to its ongoing realty projects worth Rs. 4,500 crore in Chennai, the Embassy Group has recently acquired a stalled SEZ project in the area from SNP Infrastructure, said sources, adding that the 26-acre property on Thoraipakkam-Pallavaram road is close to the airport on the Pallavaram road where prices are hovering in the range of about Rs. 20 crore per acre. The special economic zone project was shelved in 2008 by SNP due to bad market condition. The structure is ready and Embassy will soon start construction for building office property over 4 million sq ft, the remaining portion will be used for integrated development comprising residential and retail components. It may be recalled that in the recent past, Chennai has seen a spurt in land transactions, with a majority of investments coming in office assets. The biggest deal during this period involved Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Group's joint venture company SPREP acquiring SP Infocity IT Park in Chennai for Rs. 1,460 crore amounting to $220 million. In addition, Brigade Properties, a joint venture between Brigade Enterprises and GIC, Singapore, acquired a 15.86-acre land parcel from Kansai Nerolac Paints in Chennai in a deal valued entailed an investment of Rs. 550cr.
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