Standard Chartered building on Haddows Road, Chennai.
| Photo Credit:
BIJOY GHOSH/businessline
Chennai-based real estate developer Baashyaam Group is set to acquire the 5.78-acre Standard Chartered property on Haddows Road in Chennai for over ₹1,100 crore, according to multiple sources.
Sources in the know said that Baashyaam Group has closed the deal, beating Arihant Foundations, another city-based real estate developer, by “a whisker” with both quoting above ₹1,000 crore for the the property. The property houses the global banking giant’s shared services operations.
businessline on April 21 reported that Baashyaam and Arihant were the final bidders for the property.
With the property sold for over ₹1,100 crore, the value translates to around ₹11 crore per ground, while the current price in the area ranges between ₹8 crore and ₹9 crore per ground.
Industry sources said the entire property could be razed to make way for a residential project. They add that the current market price for an apartment in the Haddow Road region ranges between ₹25,000 and ₹30,000 per sq ft.
StanChart GBS has been operating at Haddows Road for nearly 24 years. The sale is part of StanChart GBS’ plan to relocate its 16,000 employees from four locations, including Haddows Road, in Chennai, to a new integrated 7.40 lakh sq ft facility at DLF Downtown by 2025. In November 2022, businessline reported that the property would be put up for sale.
Baashyaam’s ongoing projects include a luxury development in place of Crowne Plaza in Alwapret, The Peak (Ashok Nagar), The Pinnacle (Raja Annamalaipuram), Royal Damera Gardens (Poes Garden), Emperors Pavilion (Kotturpuram) and Promenade (commercial in Guindy).
Published on May 30, 2025