Chennai-based Appaswamy Real Estate acquires Adyar Villa land for Rs 400 crore...

    Chennai-based Appaswamy Real Estate acquires Adyar Villa land for Rs 400 crore

    It was meant to be a big ticket entry by a Chinese player into the Chennai real estate market. Country Garden, one of China’s top three township developers, was a few months ago on the verge of acquiring a 60-ground (1.44 lakh sqft) parcel of land that was once part of the landmark Adyar Villa in Kotturpuram.
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    Appaswamy Real Estate

    As the Chinese major dithered, however, Chennai-based Appaswamy Real Estate quietly moved in and clinched the deal for Rs 400 crore with property developer TVH in one of the largest realty transactions in the city in recent times.

    The land, a premium residential locality nestled in a sweeping river bend, was originally part of the 18-acre Adyar Villa, owned by industrialist A C Muthiah’s family before TVH in 2009 purchased it for nearly Rs 120 crore.

    Info- economictimes

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