In what may be touted as one of the largest real estate deals in Chennai, Radiance Realty Developers India Limited has acquired around four acre near the city for around Rs 80 crore.
The land, which was the site of UK-based motorcycle manufacturer Royal Enfield’s flagship factory in India, has been acquired from infrastructure equipment and engines maker Greaves Cotton Limited, according to sources close to the development.Radiance.
Radiance Realty would develop the land, abutting the Old Mahabalipuram Road (OMR), into a high-rise, ultra-luxury residential complex.
Varun Manian, one of the former promoters of NAPC Properties Limited and currently the promoter of Radiance Realty, confirmed the buy.
According to available information, Manian and his family, who held the entire stake of NAPC, had sold their stake in NAPC to French construction company Vinci. The family is currently focusing on new ventures, including real estate and renewable energy.
Radiance Reality is developing more than a million sft of high-end residential properties in the city and the OMR.
