India's commercial vehicle manufacturer Ashok Leyland has carried out its sale to MRF Group of its exclusive 1 acre residential property in about Rs.210 crore. Ashok had put up this property on sale since past 2 years which is now labeled as the 2nd biggest deal quoted in Chennai’s Boat Club locality this year, CNBC-TV18 reported.
A few months later Leyland’s Hinduja realty division has completed the sale of the residual section of its residential properties to MRF Group owned by KM Mammen as a part of its strategy to sell non-core assets. And the sale of the entire property is fixed at Rs. 210 crore, the proceeds of which have been received by the company fully, as stated by Ashok Leyland to BSE.
A few months later Leyland’s Hinduja realty division has completed the sale of the residual section of its residential properties to MRF Group owned by KM Mammen as a part of its strategy to sell non-core assets. And the sale of the entire property is fixed at Rs. 210 crore, the proceeds of which have been received by the company fully, as stated by Ashok Leyland to BSE.
With this strong move of cutting the debts by selling the land, Leyland has reduced its debt by around Rs.1400 crore in 2013-14 out of an entire sum of Rs.6200 crore.And the previous landmark sale registered in the city was Rs.100 crore approximately that Chennai-based builder Ravi Appasamy paid for a 9.5 ground land owned by Viju Mahtaney of Ambattur Clothing in the same Boat Club, the deal mediated by Jones Lang LaSalle (JLL) finalized a week ago.
These 2 most lucrative and premium deals have moved Chennai realty market even as plenty of the builders struggle to mark sale for the residential property. And Over Rs.3000 crore premium property transactions are being recorded in Chennai in the past 19 months.
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