Baashyaam Developers Acquires Iconic 5.8 Acre Nungambakkam Land from Standard Chartered for ₹1212 Crore

Chennai’s real estate market has witnessed one of its most significant landmark transactions with Baashyaam Developers securing the prestigious 5.8 acre land parcel on Haddows Road in Nungambakkam from Standard Chartered Bank. Valued at approximately ₹1212 crore including registration charges, the deal stands out as one of the most notable land acquisitions recorded in the city’s prime business district in recent years.

The centrally located property carries a long legacy linked to the operations of ANZ Grindlays Bank which was integrated with Standard Chartered following its India acquisition in 2000. The campus includes extensive built up space that once served as a major backend support hub for the bank. With land availability in central Chennai becoming extremely scarce, especially in locations such as Nungambakkam, Teynampet, Boat Club and RA Puram, the acquisition highlights the rising value of prime city centre parcels.

Industry consultants noted that the strategic importance of the site combined with its scale makes it one of the very few remaining large plots suitable for a major redevelopment in the heart of Chennai. The transaction was facilitated by CBRE which served as the exclusive advisor. Experts tracking the deal believe the land will be transformed into a modern mixed use development featuring luxury residences and premium commercial spaces to cater to the strong demand for high end properties in central micro markets.

Chennai continues to experience a surge in interest for luxury housing as developers focus on differentiated offerings and branded lifestyle projects. Limited availability and increasing competition for well located land parcels are pushing valuations to new benchmarks. This acquisition therefore reflects growing confidence in the city’s long term real estate potential and the increasing appetite among developers to invest in marquee redevelopment opportunities.

Standard Chartered confirmed the sale agreement while Baashyaam Developers is expected to finalise the design and development blueprint soon. With this deal the company further strengthens its footprint in Chennai’s premium real estate segment where it already has several notable luxury projects.