Prestige Group is set to pay Rs 600 crore for TVS’ Anna Salai property.

Prestige Group, based in Bengaluru, is set to purchase a prime plot of land extending from Anna Salai to White’s Road from Sundaram Motors of the TVS group for Rs 550 crore to Rs 600 crore.

a combination of retail and commercial According to sources close to the development, Grade A office space is likely to be built on the 89-acre plot on the road that connects Anna Salai to White’s Road.

Other Bengaluru developers, including Brigade, Purvankara, and Embassy, were also in the running, but were beaten out by Prestige in the all-cash deal, according to the sources. Breaking ground on the 2.14 lakh sqft plot will take at least 18-24 months. “It’s a large parcel, and the legal details will take time to iron out,” the sources said.

According to real estate sources, Sundaram Motors intends to sell or develop several prime land parcels it owns across Tamil Nadu. A large plot near Poonamallee is one example, as is premium property in Madurai and Trichy.

“It is a speculative development, and we will not comment.” “We also do not intend to sell the other land parcels,” said a TVS group insider who did not want to be identified.

According to industry sources, a group of southern developers is interested in the Poonamallee land parcel and other property owned by the company.

“These developers have deep pockets because they are backed by large multinational funds,” the sources said. Recently, MNC funds such as Blackstone have acquired assets from Prestige Group worth more than Rs 7,000 crore. The others, like the Anna Salai deal, will be “all cash” transactions, according to the sources.