India’s noted manufacturer of dry cell batteries, Eveready Industries has signed a mega land deal with Alwarpet Properties Private Limited, wherein the group has sold off a land parcel to the property firm for a whopping Rs. 100 crore as per the reports. The deal is considered to add more momentum the Chennai’s real estate market.
Alwarpet Properties Private Limited which is part of the reputed Olympia Group is very happy with the deal. According to them, the land will be used for the development of an entertainment cum retail project. The complete land is spread over 10 acres of area and is located on the Tiruvottiyur Road. Eveready Industries has earlier too sold some of their land holdings to the group.
Speaking about the land deal, official from the Alwarpet Properties said, “The Olympia Group had commenced its real estate business partnering with Eveready Industries Limited by developing the company’s land situated at Guindy in Chennai which was the site of the Olympia Tech Park. The plot will be made into a major entertainment and retail hub of the city, something that will give a major boost to real estate development in the vicinity.”
Known as one of the leading developers of Southern India, Olympia Group was founded in 2004. Till date, the group has developed over 2000 homes and over 5 million square feet of space. The group operates in Chennai, Kolkata, and Bangalore and is known for highest quality, detailing, exceptional design and craftsmanship.
In order to give a boost to the realty market of the city, even the Chennai Metropolitan Development Authority (CMDA) is working to generate investments more than Rs 25, 000 crore. Apart from it, some of the renowned global relators are also planning to do investments in the Chennai’s real estate sector.