Cholamandalam Investment and Finance Company Ltd has bought 4.67 acres of land in Chennai from realty firm DLF Ltd for Rs 735 crore.
In a regulatory filing on Wednesday, Cholamandalam Investment and Finance Company informed that the "company has purchased an immovable property today, from DLF IT Offices Chennai Private Limited admeasuring 4.67 acres of land situated at ...Guindy, Chennai by executing and registering a sale deed."
The deal value is Rs 735 crore, it added.
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 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."
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