Realty developer Baashyaam Group has successfully purchased the renowned 5.5-acre Standard Chartered Bank property located in Nungambakkam, Chennai, for approximately Rs 1,200 crore. This marks it as the largest recorded land transaction in the city’s recent history, according to insiders involved in the deal.
“The centrally positioned land is set to be redeveloped into a luxury residential and retail-focused project, driven by substantial demand, the strategic location, and the size of the property,” mentioned a source. This acquisition is expected to boost Chennai’s luxury housing market, which is facing significant supply constraints as prime land parcels in key areas such as Nungambakkam, Boat Club, RA Puram, and Teynampet are becoming increasingly rare.
“We can confirm the signing of the sale agreement with Baashyaam for Standard Chartered’s Haddows Road property,” the bank confirmed in an email. However, Baashyaam Developers did not respond to RealtyDailyNews’s inquiries.
CBRE acted as the transaction advisor for this agreement.
The site includes nearly 4.5 lakh sq ft of developed office space, which previously belonged to ANZ Grindlays Bank before its acquisition by Standard Chartered in 2000. The campus has historically served as a backend support facility for both ANZ and Standard Chartered.
“The land was initially owned by ANZ Grindlays Bank and became part of the Standard Chartered acquisition, functioning as a backend support site. It contains around 450,000 sq ft of built area in the Nungambakkam area,” the insider stated.
Property consultants involved in the negotiations noted that this deal reflects the limited availability of quality land in prime central locations within Chennai.
The land is appraised at Rs 7.5 to 8 crore per ground—where one ground equals 2,400 sq ft—positioning it among the top tiers of recent central business district land deals. “Prime land in central Chennai is scarce, and whatever enters the market is being sold at increasingly higher valuations,” commented an independent real estate advisor monitoring the transaction.
Another industry expert indicated that this transaction highlights renewed optimism among Chennai developers. “Deals of this magnitude demonstrate the strong interest developers have in luxury housing and mixed-use redevelopment within the city’s core. Chennai’s land market has quietly emerged as one of the most competitive among Tier-I metros,” they stated.
This acquisition strengthens Baashyaam’s presence in the premium real estate sector. The group is currently working on an ultra-luxurious twin-tower project on the former site of the Crowne Plaza Chennai Adyar Park hotel.
Developers and consultants predict that Chennai’s residential and retail sectors are entering a robust growth phase in 2024–25, driven by a strong demand for luxury housing, increased end-user purchases, and a notable resurgence in high-street and organized retail leases.
