Popular Adyar Villa in Kotturpuram, Chennai acquired by a Chennai based reality firm
Posted on: 13/Apr/2018 10:07:52 AM
Situated close to many places like Adyar, Mylapore, T. Nagar, Guindy etc Kotturpuram in Chennai is highly sought out residential place by many is known. In this Kotturpuram there is this famous Adyar Villa and this has been a major landmark for many decades.
The latest news that has come out now is Chennai based Appaswamy Real Estate has clinched the deal and it had acquired the 60 grounds of popular Adyar Villa in Kotturpuram.
Just few months back China based Country Garden was planning to take over this Adyar Villa but hesitated on this matter. This opened the doors for Chennai based Appaswamy Real Estate and they used the opportunity and acquired 60 grounds for Rs 400 crores by joining hands with property developer TVH. This is now regarded as one of the biggest reality transactions in the recent times and it has attracted the attention of many now.
It is important to mention that the land present in Kotturpuram was originally a part of 18 acre Adyar Villa belonging to none other than famous industrialist Mr. A.C. Muthiah.
In the year 2009, property developer TVH became cynosure of many eyes when it got the land for Rs 120 crores. According to an industrial source both TVH as well as Appaswamy Real Estate are highly benefited by acquiring 60 grounds of Adyar Villa.
The industry source further threw light on how higher premium offered by Appaswamy Real Estate must be seen from the context of approvals being in place plus enhanced road width fetching higher FSI.
It must be noted that after purchasing the land in 2009, TVH owned by famous DMK party man Mr KN. Nehru and his family wanted to promote multi-storeyed residential project. The road was widened to meet the requirements. Later the project did not take off as expected.
