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Bhasyam Developers has purchased Standard Chartered Bank's 5.5-acre property in Nungambakkam, Chennai, for about INR 1,200 crore, marking one of the city's biggest land deals in recent years. The site includes nearly 4.5 lakh sq ft of existing office space that originally belonged to ANZ Grindlays Bank before Standard Chartered took over its India operations in 2000. The company plans to redevelop the centrally located plot into a luxury residential and retail-focused project. The transaction also reflects the rising value of prime land in Chennai's core micro-markets.
Bhasyam Developers has completed the purchase of Standard Chartered Bank's 5.5-acre property in Nungambakkam, Chennai, in a transaction valued at around INR 1,200 crore. The site sits in one of the city's most central and high-demand micro-markets and is considered one of the largest land acquisitions recorded in the region in the past few years. Advertisement
The property consists of close to 4.5 lakh sq ft of built-up commercial space. This campus was originally part of ANZ Grindlays Bank, whose India operations were taken over by Standard Chartered in 2000. The bank confirmed that the sale agreement has been executed.
A person aware of the development said the buyer intends to convert the site into a luxury residential and retail-led project. The location, surrounded by established neighbourhoods and limited land availability, has driven steady interest from developers focusing on high-value redevelopment.
Real estate consultants tracking the city?s central business district noted that the pricing aligns with earlier land valuations of INR 7.5?8 crore per ground, with one ground measuring 2,400 sq ft. They added that transactions of this scale remain rare due to the scarcity of freehold land in areas such as Nungambakkam, Boat Club, RA Puram and Teynampet, where demand for premium housing has strengthened over the past few years.
The acquisition also adds to Bhasyam Developers? recent activity in the high-end segment. The group is already working on an ultra-luxury twin-tower residential project on the former Crowne Plaza Chennai Adyar Park site, reflecting a wider shift in its development strategy toward premium and mixed-use offerings.
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