Standard Chartered to sell ₹1,000 crore property in Chennai.

The Standard Chartered group is placing on the sale block its 5.78 acres of prime property in Chennai at Haddows Road with a value being pegged at ₹1,000 cr. Since the past almost 24 years, it has been the headquarter office for the Group’s Global Services India (StanChart GBS) here.

As part of its expansion plans, StanChart GBS is moving all 16,000 employees to a new, integrated 7.40 lakh sq. ft facility at DLF Downtown, slated for completion by 2025. CBRE has been appointed to oversee the sale of the Haddows Road property, marking the end of an era for the company’s operations at this prime location.

The Haddows Road property, situated in a prime area of the city, is expected to fetch one of the highest sales for a parcel of this size in the region. Sources indicate that the cost of land in this area could be around ₹8 crore per ground, with land prices in Chennai currently witnessing significant hikes.

Real estate experts believe that while the valuation may not make it an ideal purchase for commercial purposes, the property is likely to attract interest from residential developers. Luxury residential projects are being discussed as a potential future use for the space, given its location and growing demand for premium living spaces in the city.

In addition to the Haddows Road property, Standard Chartered has also sold a 5-acre plot of land in Kelambakkam to Newtech Group, a prominent real estate developer.

With the real estate market in Chennai seeing significant growth, this sale is expected to set a new benchmark for land transactions in the city, reflecting the increasing demand and rising property values in the region.