A member of the BGR Group family has bought a land parcel of 5.5 grounds belonging to the TVS Motors family for Rs. 40 crore. The property is located near the Poes Garden micro-market, one of the most expensive addresses in the city. Neither TVS nor the BGR Group could be reached for comment.
Two sources in the real estate market say the deal was closed a week ago. “It was the personal property of the TVS family, and the BGR Group has purchased it at a personal level. This has nothing to do with the company,” said one of the sources who requested anonymity.
Located in the heart of Chennai, Poes Garden is home to Chief Minister Jayalalithaa, superstar Rajinikanth and other prominent citizens. “Looking at the whopping success of Poes Garden in terms of property value, residential neighbourhoods around the area are also commanding a high price,” says another real estate source.
