Bashyam Constructions buys Chennai's Jeypore Palace for Rs 100 crore

The iconic Jeypore Palace in Gopalapuram has changed hands. It will now give way to high-end residential apartments as the buyer – Baashyam Constructions - has applied for approvals after lapping it up. The real estate developer had bought a 30-acre land parcel in Koyambedu and another 10 acres in Karapakkam on Old Mahabalipuram Road in the past few months, giving a leg up to the city’s real estate sector. Jeypore Palace as it was called was owned by Jeypore Sugar and housed the Amethyst café before it moved out to Whites Road. “It is on a 21-ground land parcel and was picked up at nearly Rs 100 crore, by Baashyam,” sources said. Attempts to reach AbineshYuvarajan, director, Baashyam turned futile. The developer has also picked up a 30-acre land parcel, in Koyembedu, opposite the Chennai Metro headquarters. “It is a structured deal. A direct buy of 10 acres and a 20 acre structured deal,” sources said. The 10-acre land parcel was owned by restaurant chain Hotel Saravana Bhavan. The developer is planning to promote a commercial-cum-residential project at Koyambedu. “Nearly 2,000 apartments and 6-7 screen multiplex will come up in the Koyambedu land,” sources said. The land has excellent connectivity, with a metro station just a few minutes walk from the site. In another transaction recently, Baashyam purchased a 10-acre land owned by Ambattur Clothing group on the Old Mahabalipuram road. It is learnt that the deal was struck at Rs 200 crore. A mixed-use residential complex is being planned by the developer. Baashyam is now being piloted by the second generation. “Yuvarajan started the company in the early 2000. Their claim to fame in the market is the Poes Garden project which gave them the leg up. The second generation is aggressive in the market now,” sources said. Excessive unsold inventory applied pressure on both prices and sentiment. The cityscape has not seen significant addition to residential inventory over the past 12-18 months, thereby allowing natural absorption process to deplete unsold units. Prices too, after witnessing a fall post demonetization is showing signs of revival, industry sources said.