Murugappa Group’s NBFC Cholamandalam Investment & Finance Company bought about 5 acres of land in Guindy, Chennai, from DLF IT Offices Chennai, a wholly-owned subsidiary of DLF.
DLF has sold this land to monetise its land. The realty firm has a good presence in the Chennai market and is developing residential and commercial properties in the city.
In a filing to the exchanges, DLF said, "We would like to inform you that DLF IT Offices Chennai Private Limited, a wholly-owned subsidiary, has undertaken strategic sale of land owned by it, admeasuring 4.67 acres or thereabouts, situated at Chennai District, to Cholamandalam Investment and Finance Company Limited, at a negotiated consideration of Rs 735 crore".
DLF originally acquired this property from Madras Race Club in 2018 following a long legal ordeal. Murugappa Group may build a corporate office for Cholamandalam or Tube Investments, or for both on the site.