Baashyaam Group Acquires Prime 5.8-Acre Land in Chennai from Standard Chartered
Baashyaam Group, a prominent real estate developer from Chennai, has purchased a prime 5.8-acre land on Haddows Road, Nungambakkam, from Standard Chartered Bank. The land, along with registration charges, was valued at approximately ₹1,212 crores, marking one of the largest land deals in the city in recent times. This acquisition underscores the increasing demand for luxurious and centrally located plots in high-value micro-markets of Chennai.
Haddows Road, situated in one of the most prestigious areas of Chennai, has been a favored location for the development of high-end residential and commercial buildings. The deal was finalized in May, with Baashyaam Group outbidding another leading Chennai-based developer, Arihant Foundations. CBRE, a renowned real estate advisory firm, played a crucial role in facilitating the negotiations and finalizing the transaction.
Baashyaam Group has established itself as a significant player in the Chennai luxury housing market, known for its high-quality projects. Some of their notable developments include the upscale Prarthana on ECR, luxury flats at the Crowne Plaza site in Alwarpet, The Pinnacle in Boat Club, The Peak in Ashok Nagar, and The Pinnacle in Boat Club. These projects have solidified the group's reputation as a key player in the luxury real estate market.
The acquisition of the Haddows Road property is expected to elevate the Baashyaam brand to new heights. While the details of the development plans for the site have not been disclosed, industry experts anticipate that a landmark residential or mixed-use project will emerge from this strategic location. The deal is seen as a strong indicator of investor confidence in Chennai's real estate sector.
Core neighborhoods in Chennai, particularly Nungambakkam and the central business corridors, have witnessed a surge in demand due to limited land availability and the growing interest of luxury developers. Analysts highlight that such large-scale transactions are rare, emphasizing the scarcity of large, prime parcels and the willingness of top developers to make significant investments in prestigious areas.
The real estate market in Chennai continues to attract substantial interest from investors and developers, driven by the city's strategic location and economic growth. The acquisition by Baashyaam Group on Haddows Road is a testament to the city's enduring appeal and the strong market fundamentals that support high-value real estate projects.
