Buys Chennai’s Jaypore Palace

Bashyam Constructions Buys Chennai’s Jaypore Palace for Rs.100 Crore

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Bashyam Construction the premium residential developer bought Chennai’s iconic Jeypore Palace in Gopalapuram for worth Rs.100 crores.

The Jeypore Palace was owned by Jeypore Sugar and had the Amethyst café prior to shifting to Whites Road. The sources said that it covers 21-ground land parcel and Bashyam paid nearly Rs 100 crore to own the same.

Apart from this, the developer is adding new dimensions to the city geography by owning a 30-acre land parcel in Koyambedu which is exactly opposite to Chennai Metro headquarters. He also bought a land parcel of 10 acres in Karapakkam on Old Mahabalipuram Road recently.

The 10-acre land was owned by a restaurant chain Hotel Saravana Bhavan and it was a clear cut deal. The land in Koyambedu offers smooth connectivity and is at a walking distance from the proposed metro station.

The Bashyam Constructions is planning to develop a commercial-cum-residential project at Koyambedu, where approximately 2,000 apartments and 6-7 screen multiplex will be designed.

The developer also bought a 10-acre land parcel on Mahabalipuram road. This was earlier owned by Ambattur Clothing group and according to the sources, this deal costed Rs.200 crores to company. Also, the Bashyam Constructions is planning to develop a mixed-use residential complex here.

Earlier this year, the Mapletree Investments owned by Temasek real estate asset manager purchased Chennai’s IT Park for worth Rs.2400 crores. This is the largest ever single realty asset transaction in India and the IT Park bought by the company is known as the SP Infocity in Chennai.