IFCI Infrastructure Developers has sold its one acre property in the heart of the city to the Chennai-based Akshaya Ltd.
T. Chitty Babu, Chairman and CEO, Akshaya, confirmed the deal, which was finalised today at a cost of Rs 93.75 crore for the 45,065- sq. ft plot in central Chennai.
The area has emerged a major hub of high-end commercial and residential development.
Akshaya has the option to develop the plot as an ‘ultra premium residential project’ or choose to do a commercial development. The decision will soon be finalised, he said.
The property has old residential apartments used as staff quarters by IIDL and Akshaya has taken vacant possession of the property.
The plot qualifies for a floor space index, the ratio of built-up space to the land area, of about 1.75 or more which makes the land cost component close to about Rs 14,000 a sq. ft.
Residential projects in the locality go as high as Rs 22,000 a sq. ft for now. This is the second high-end deal in this area, where a few weeks earlier, Tata Communications sold a 1.5-acre plot to VGN, another Chennai-based developer for Rs 195 crore, about Rs 31,250 a sq. ft.