By Cholamandalam Investment and Finance Company Limited, also known as Chola, has acquired a 4.7-acre property located on Velachery Main Road in Guindy. The purchase, valued at 735 crore, was made from DLF IT Offices Chennai Private Limited, a property that was once held by the Madras Race Club. DLF Limited has verified this significant transaction. The site is earmarked for the development of Chola Finance’s new corporate headquarters.
In a major real estate transaction in Chennai this year, Cholamandalam Investment and Finance Company Limited, commonly known as Chola, has disclosed its acquisition of a property valued at 735 crore. The plot spans 4.7 acres and is situated on Velachery Main Road in Guindy, previously under the ownership of DLF IT Offices Chennai Private Limited, who had bought it from the Madras Race Club.
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In an official statement released on Wednesday, the financial services division of the Murugappa Group declared the transaction as an outright purchase of the property in question. Meanwhile, DLF Limited notified the stock exchange that its fully owned subsidiary, DLF IT Offices Chennai, has completed a strategic land sale for a negotiated price of 735 crore. The company received the formal sale deed and related documents pertaining to the transaction on Wednesday. The acquired land is designated for the construction of a corporate office for Chola Finance.
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FAQ
- Can you provide details about the property Cholamandalam Investment and Finance Company Limited recently acquired?
Ans. Chola acquired a 4.7-acre property situated on Velachery Main Road in Guindy, which is a prime location in Chennai.
- How much did Cholamandalam Investment and Finance Company Limited pay for the new property?
Ans. The purchase was valued at 735 crore, reflecting the significant investment Chola has made in this property.
- Who was the previous owner of the property acquired by Cholamandalam Investment and Finance Company Limited?
Ans. The property was previously owned by DLF IT Offices Chennai Private Limited, which had acquired it from the Madras Race Club.
- Has DLF Limited confirmed the sale of the property to Cholamandalam Investment and Finance Company Limited?
Ans. Yes, DLF Limited has verified the transaction, confirming the sale of the property to Chola.
- What are the future plans for the property purchased by Cholamandalam Investment and Finance Company Limited?
Ans. The site is earmarked for the development of Chola Finance’s new corporate headquarters, signaling an expansion and consolidation of their corporate presence.
- How significant is this property acquisition by Cholamandalam Investment and Finance Company Limited in the context of Chennai’s real estate market this year?
Ans. It is one of the largest real estate transactions in Chennai this year, indicating a robust investment and a significant development in the city’s real estate sector.
- How does this acquisition fit into the overall strategy of Cholamandalam Investment and Finance Company Limited?
Ans. The acquisition aligns with Chola’s strategic vision for growth and expansion, providing a solid foundation for the establishment of their new corporate headquarters and further strengthening their market presence.
