Standard Chartered Group to Sell ₹1,000 Crore Property in Chennai

Standard Chartered Group has put up its 5.78-acre property in Chennai's Haddows Road for sale, with an estimated value of ₹1,000 crore. The property currently hosts the group's Global Services India (StanChart GBS) division, but the group plans to relocate its 16,000 employees to a new facility at DLF Downtown by 2025. CBRE, a global real estate firm, has been appointed as the agency handling the sale.

StanChart GBS has been operating from the Haddows Road location for nearly 24 years. As the company plans to move to a larger, integrated facility, the sale of the existing property aligns with its goal of consolidating operations and improving efficiency. The Haddows Road property, located in a prime area of Chennai, has attracted significant attention due to its strategic location and large size.

The sale of the property is expected to be one of the highest in Chennai for a parcel of this size. Real estate experts estimate that the cost of land in the area could be ₹8 crore per ground, given its size and location. This high value reflects the increasing demand for land in Chennai, particularly in areas that are becoming key residential zones.

The Chennai real estate market has been experiencing a steady rise in land prices, particularly in central locations like Haddows Road. The demand for land has been driven by urban growth, infrastructure development, and the increasing need for residential and commercial spaces. While the commercial property market remains competitive, many developers are turning to residential projects due to higher returns on investment in the housing sector.

Given the high price of the property, it is expected that the land will be purchased for residential development rather than commercial use. Developers in the luxury residential market are reportedly interested in the property. This trend reflects a broader shift in the Chennai real estate market, where commercial spaces are increasingly being repurposed for high-end residential projects.

In addition to the sale of the Haddows Road property, reports indicate that Standard Chartered has already sold its 5-acre land in Kelambakkam to Newtech Group, a real estate developer. This move is part of the company's strategy to consolidate its operations and move to more modern, efficient facilities.

The sale of the Haddows Road property is expected to have a significant impact on the local real estate market. It highlights the rising demand for land in central Chennai and the growing interest in luxury residential developments. With the price of land in the area continuing to rise, more developers seek to acquire properties in this location for similar purposes.