Will Restructured TVS Group Hive Off Prime Properties On Chennai’s Mount Road, And More?

Chennai’s real estate market is abuzz over news that the TVS Group has put its landmark property on Chennai’s Mount Road on the block.  This 2.14 lakh square feet property that houses Sundaram Honda Sales, Madras Auto Service and a clutch of family-run companies, is a bespoke landmark, along with Spencer’s, LIC and Higginbothams. Generations have gawked at these imposing car dealerships. It is learnt that real estate biggies from Bengaluru like Purvankara, Brigade, Prestige and Embassy have thrown their hats into the frenzied bidding ring. Sources say Brigade Group has pocketed the deal with a Rs 550 crore offer. Senior VP of Anarock Property Consultants, Sanjay Chugh, says the sale will set the trend for commercial and retail development on Chennai’s arterial Mount Road and its hinterland. The $ 8.5 billion TVS Group quietly restructured the family holdings while putting an end to the holding company practice. Hereon, each of the four families will completely own the businesses they have grown, following the mega sale monetization of the assets. Corporate analysts say the sale of the Mount Road property could be the starting point of many more future deals. It may be noted that TVS Group owns a big chunk of properties in Chennai’s Poonamallee, Tiruchirappalli and Madurai. Cashing in when the going is good seems to be the motto now.