Bangalore-based Mantri Developers has triumphantly secured a 4.9-acre plot at Siruseri IT Park located on the IT Highway, earmarked for the development of an amenities centre. With a price tag of Rs 10.5 crore per acre for a 75-year lease, this deal has set a new benchmark within Chennai's real estate landscape.
Situated at the entrance of the IT Park and adjacent to the bustling IT Highway, this plot was originally acquired by the State Industries Promotion Corporation of Tamil Nadu Ltd (SIPCOT). Subsequently, it was transferred to the Tamil Nadu Road Development Company (TNRDC) to further develop the IT Highway, commonly referred to as Old Mahabalipuram Road (OMR) or Rajiv Gandhi Salai, on a 99-year lease to facilitate top-tier facilities for the IT and ITES sectors, alongside benefitting road users.
Previously, TNRDC faced setbacks in securing a business partner after all proposed bids fell significantly short of the upset price set at Rs 10 crore by the organization.
However, when TNRDC recently issued a revised bid invitation, Mantri Developers stepped in with an offer of Rs 10.5 crore per acre, which ultimately proved to be successful. The TNRDC will now transfer the land to Mantri for a 75-year lease, wherein the developer will erect a hotel, either four-star or five-star, along with an amenities centre comprising a shopping mall and a clubhouse that spans approximately 6.5 lakh sq ft. The developer maintains the flexibility to devise a viable business plan.
Sources from both TNRDC and Mantri opted for no comments; however, it is understood that both companies are diligently progressing towards finalizing the bidding process. To secure the plot of land, Mantri is required to make a one-time payment of Rs 51.45 crore. This offer substantially exceeds the amounts paid by numerous IT firms for acquiring land from SIPCOT within the Siruseri park.
Notably, the commercial value of private properties along the IT Highway, stretching from Sholinganallur to Siruseri, typically ranges between Rs 15-20 crore per acre. Moreover, Mantri is concurrently developing its residential project named Mantri Synergy, located in Padur along the IT Highway.
The developer is involved in promoting luxury business hotels across Bangalore and Hyderabad, as well as IT spaces in both Bangalore and Pune. Founded by Sushil Mantri with a modest initial capital of Rs 10 lakh in 1999 in Bangalore, the group has impressively completed over a dozen residential projects in Bangalore.