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Chennai Church Land fetches highest rate

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As per the sources saying at the www.propertykhazana.com , with auction of land belonging to the Church measuring 9 acres on Chamier’s Road in the Chennai the south India realty business is likely to revolutionize. The auction has attracted many major builders of India which includes Hiranandani, DLF, Unitech, Nitesh Builders and they are filling the tenders at over Rs 500- 550 crores approx.
To administer the properties of the Archdiocese of Chennai a trust was formed and the government has given the land on 66 years lease agreement and there is no renewal condition on the land and hence many developers are showing their intrest in the land auction and the bid opening is expected within 7 days. The government notification on the auction has so far fetched 30 proposals. There are bids still coming and the land situated nearby to Boat Club is an added advantage and development of about 8 acres is possible in the proposed land.
Realty experts said at the www.propertykhazana.com that approx 1 million sq ft of built- up space can be urbanized on the property and hoteliers and developers are highly interested with the project.
The source further said at the www.propertykhazana.com that the auction land is surrounded by major landmarks like Park Sheraton & Towers; Hotel Raintree sited on the other side of St Mary’s Road and in addition 2 lakh sq ft IT Park is being developed by Lancor and most importantly the Boat Club. Many revealed their ideas saying that developing an IT Park will also do well.
In the meantime, Boat Club area is the hot destination for realty auctions and if the revealed sources at the www.propertykhazana.com are to be believed then the previous auction by the IDBI fetched Rs. 175 Crores @ Rs. 17,000 PSF and similarly the HSBC Land was auctioned at Rs. 14,350 PSF.
Source: NBTVLIVE

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