De Monte Trust plans to develop 4-acre property in Chennai.

A prime four-acre parcel of land in the heart of Chennai, belonging to the nearly two-centuries-old Sir John De Monte Trust could come up for commercial development with the Trustees exploring options for generating revenue from the asset.

The prime property on St Mary’s Road in Alwarpet is part of the Trust set up in 1820 and now under the control of the Archbishop of Madras-Mylapore Diocese, according to MG Devasahayam, a former bureaucrat and advisor to the committee that is examining various options for developing the property.

The object is to generate revenue for charitable purposes in line with the provisions of the Trust. This is part of a larger parcel of land of about 5 acres, he said.

The land has been retrieved from various encroachments and encumbrances. The land will not be sold and will belong to the Trust which is looking at a “revenue sharing model.” The original provisions mandate that the assets under the Trust are used for charitable purposes in service of the poor, he said. This area of Alwarpet close to ultra-luxury areas such as the Boat Club and prime RA Puram areas has seen ultra luxury residential and commercial developments. A plot of 2,400 sq ft of land in Boat Club commands prices in the range of several crores of rupees, according to real estate developers.

A senior executive in Jones Lang LaSalle, property consultants, which is also advising the Trust, said the initial contours of going about the transaction is being planned and there is still a long way to go before the project is finalised.

HBL