Mahindra Life Spaces bids Rs 260 crore for Chennai property

CHENNAI: Mahindra Life Spaces, part of the $15-billion Mahindra & Mahindra Group, has emerged as the highest bidder for a 4.85 acre plot of Madras Race Club in Guindy with a bid in excess of Rs 260 crore. This values the land at nearly Rs 3 crore per ground.

Madras Race Club had mandated international real estate consultants CB Richard Ellis to find buyers for a small portion of large swathes of land it holds in Guindy. While three bidders were in fray, the Mahindra group company has emerged as the highest bidder. The bids were opened on Friday evening. The other two are Arihant of Chennai and RMZ from Bangalore.

“The final announcement is expected in the next couple of days. We know the winning bid is upwards of Rs 260 crore, making it the biggest in the residential space in recent times,” sources said.

While officials at CB Richard Ellis were not reachable, a spokesperson fro m Mahindra Life Spaces said: “We keep evaluating various land parcels and participating in bids based on growth plans. It would be premature and speculative to comment on any such deals until the set out process by a seller is completed and due diligence done.”

Under normal circumstances in such transactions, the losing bidders would be given an opportunity to match or better the bid, in this case, it is learnt that the other two bidders may not be keen to get into a bidding war.