StanChart group to sell Chennai property worth ₹1,000 crore

Standard Chartered group has put its 5.78-acre property at the heart of the city in Haddows Road for sale. The property is valued at around ₹1,000 crore and currently houses the group’s Global Services India (StanChart GBS). CBRE has been appointed as the agency for the sale.

The sale is part of StanChart GBS’ plan to move all of its 16,000 employees from four locations, including Haddows Road, in Chennai to a new integrated 7.40 lakh sq ft facility at the DLF Downtown by 2025.

StanChart GBS has been functioning at Haddows Road for nearly 24 years.

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In November 2022, businessline reported that the property will be up for sale.

Source said the group’s Kelambakkam land of around 5 acres has been sold to real estate developer Newtech Group.

The sale at Haddows Road could be highest for such a parcel size. Land pricing in Chennai is going crazy. The cost of land at Haddows Road could be ₹8 crore per ground considering it is a decent size, said a source.

Given the valuation, the return on investment may not suit buyers for commercial purpose and hence the space is likely to be lapped up for residential projects. Talks have been on for a few months now and it is leaning towards luxury residence players, said a source.