Baashyaam Construction in Talks to Buy Chennai Land for ₹800 Crore from Standard Chartered Bank

Baashyaam Constructions, a real estate developer, is negotiating with Standard Chartered Bank to purchase a 4.6-acre plot of land in Chennai for approximately ₹800 crore. The land, originally owned by ANZ Grindlays Bank, became part of Standard Chartered’s assets. It includes a built-up area of 500,000 square feet in the Nungambakkam area, according to sources familiar with the matter.

Experts in the real estate industry note that the deal is being discussed at a rate of ₹7.5-₹8 crore per ground, which is higher than the current market rate. In central Chennai, available land is scarce, and properties are selling at premium prices.

Baashyaam Constructions specializes in luxury residential projects, as well as commercial and hospitality developments. They are currently working on an upscale twin-tower project at the site of the former Crowne Plaza hotel in Chennai’s Adyar Park area, which spans 4.5 acres and is located near the prestigious Boat Club.

Both Baashyaam Constructions and Standard Chartered Bank could not be reached for comment. Other prominent developers in Chennai, such as DLF, Brigade Group, CapitaLand, ETL Infra, Olympia Group, Mindspace REIT, and RMZ Corp, have announced large office developments exceeding 1 million square feet in various key micro markets in the city, including OMR Zone 1, OMR Zone 2, MPH Road, and Off CBD.

According to CBRE, a consultancy firm, Chennai witnessed its highest-ever leasing activity and a decade-high supply in 2023, with a total absorption of 10 million square feet and a supply of 6.4 million square feet.