Emaar clinches highest property deal for Rs 290 cr

Buys 98-acre Gordon Woodroffe property at Pallavaram

Dubai-based Emaar Properties has signed a deal to buy the 98-acre Gordon Woodroffe property at Pallavaram for Rs 290 crore, the biggest deal in the Chennai real estate market.

Real estate sources, close to the development, said that the Dubai-based real estate developer had signed a memorandum of understanding with Gordon Woodroffe recently. Emaar plans to build an integrated township there, they added.

The Gordon Woodroffe property has been under litigation for quite a while and it is learnt that Emaar Properties will be paying more than the Rs 290 crore to cover the legal issues. Delhi-based Unitech had also tried to acquire the Pallavaram property of Gordon Woodroffe, part of the Jumbo group.

This is considered to be the highest property deal in the city in terms of property size as well as value. This will be the fifth largest property deal struck in 2005. So far, the largest property sold in terms of the size was the Standard Motors property, spanning over 57 acres at Perungalathur, which was purchased by Shriram Properties for Rs 154.10 crore.

Close on its heels would be the 43-acre Sivaji Gardens property at Mount Ponnamallee High Road which was purchased by DLF Commercial Builders for Rs 145 crore.

Other large deals struck in 2005 were the sale of HSBC property of 28,000 sq ft at Boat Club area for Rs 42 crore and DLF Commercial Builders' purchase of the Mico property at Ethiraj Salai (Commander-in-Chief Road) in Egmore for about Rs 189.6 crore.

A year ago, Kasturi and Sons, the publishers of 'The Hindu,' had purchased about 10-acres property of Gordon Woodroffe Logistics Ltd at Maraimalai Nagar for about Rs 5.5 crore.