SRM group strikes Rs 140-crore deal for land in Vadapalani-Times of india
1 Jul 2009, 0304 hrs IST, TNN
CHENNAI: The SRM educational group has sprung a surprise in the realty sector by picking up a 90-ground property on the 100 Feet Road near
Vadapalani from PVP Ventures, founded by Prasad V Potluri, for Rs 140 crore - at Rs 1.55 crore per ground. The deal is funded by two banks, said people in the know of things. A senior official in SRM confirmed the transaction. SRM is one of the leading educational groups in the state with a deemed university, medical college and dental college under its umbrella.
The Vadapalani property comes with 3.24 lakh built-up area, which TCS was using till they shifted their operations to Siruseri IT Park recently. The building was constructed by the erstwhile SSi software. The SRM has converted the new facility into its corporate office. It will also locate its new film institute on the same premises. The PVP had sold an upcoming theatre at Villivakkam in the city's outskirts and a hotel in Ooty last year.