Indiabulls Buys Chennai Property at 600 Crore

Chennai Property at Makaan.com

One of biggest transactions has been witnessed in the Commercial property Chennai market. Indiabulls Distribution Services an arm which is owned by the Indiabulls Securities, has recently bought a commercial property at Chennai. The complex of commercial property Chennai has been purchase for Rs 600 crore. Earlier this property at Chennai was owned by India Land and Properties which is owned by a hedge fund called the Americorp. 

It is believed that the property at Chennai has been purchase at Rs 2,500 per square feet. Experts believe that the property Chennai has been purchased at a decent price. The commercial complex hosts three towers which have a built area of 2.4 million Sq. ft as well as leasable area of around 2 million sq ft. As the property is a ready one Indiabulls considers it as a good deal. The complex measures 10 acres and around 50% of the complex properties in Chennai has been leased out to companies such as Royal Bank of Scotland, Britannia Industries Limited, Ajuba, Kone Elevator, Telebuy, Covenant, IBox among others. Indiabulls is currently planning to rent out out the remaining properties in Chennai. 

The company is planning to fund the property Chennai transaction through private equity funds as well as internal accruals. Indiabulls is also planning to rename the commercial complex as One Indiabulls Park, Chennai. However, the company states that the deal has no connection whatsoever with the Indiabulls Real Estate which is the real estate arm of the Indiabulls group.

Recently several prominent high value transaction have taken place in key southern markets of Chennai, Bangalore and Hyderabad. Recently in October 2014, Flipkart a leading online retailer had entered into one of the biggest commercial property deal in India in Bangalore. This move movement in the much stagnant Chennai realestate industry.