Rane Group puts Chennai property on the block.

The Rane Group has put on the block a 3.5-acre plot in the prime suburb of Velachery in south Chennai.

The auto components manufacturing group has appointed international property consultants Jones Lang LaSalle (JLL) India as the exclusive real advisors for transaction.

According to a press release from JLL, the property on the 100-ft road is ideally located for residential development. Built-up residential space in the vicinity would fetch around Rs. 14,000 a square foot and there is keen demand for housing as Velachery is well-connected to the city and to the IT corridor and the GST Road (NH 45).

Sarita Hunt, Managing Director, JLL-Chennai, said JLL will call for closed bids for the property. The Rane Group originally held 6.5 acres in this location, and sold about 2 acres in 2007 where The Westin hotel has come up.

Just going by the guideline value of over Rs. 12,000 a sq.ft in Velachery, the estimated value of the property is about Rs. 183 crore. Bids for the land are bound to be much higher making it a landmark transaction, Hunt said.

HBL