Equitas Small Finance bank has bought over a prime property on Anna Salai from Arihant Foundations and Housing Limited.
According to details provided by industry sources, the deal was closed at around ₹300 crore. “This is one of the largest end use commercial purchases that has happened in the real estate sector in Chennai in the recent months. The Anna Salai stretch does not have many large land parcels which are available now,” said a source in the real estate industry who was aware of this deal.
It is learnt that this property which is precisely at Saidapet earlier belonged to Aruna Timbers. This property measuring around 17 grounds is diagonally opposite to Ashok Leyland office and is quite close to the Little Mount Metro station.
It is learnt that Equitas is developing a huge office space here. “Equitas currently operates out of a space at Spencer Plaza and they are developing 1.8 lakh sq. ft. office space here,” said another source in the industry. When The Hindu team visited the spot, they saw the Equitas board at the site and debris was being cleared. The new office space will be developed by Arihant and work is expected to begin in the next few months. The project is expected to be completed within two years.
