Mukesh Ambani's brother in law, the Kothari family has picked up Boat Club Property in Chennai for a new land record price of Rs 175 crore taking the price per SFT to a record level of Rs 17,000. Boat Club is the upper crest residential area of Chennai and till now no commercial construction has taken place in the area.
The 43 ground property belonged to IDBI and was on sale by an e-auction. Kothari's outbid the Bengalooru based Prestige Constructions and Chennai based Sanmar group in the final round. International realty firm, Jones Lang Lasalle was the broker for the deal.
Since November 2005, Boat Club area has witnessed a constant rise in land prices. In Nov-2005, HSBC auction fetched Rs 14,800 / sft. Later in June-2006, the prices on the Boat Club Road were Rs 15,400 / sft when CB Rrichard Ellis auctioned a property beloning to the TVS group.
Here is a recent Survey on Chennai's Real Estate prices.
